BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased the securities of QLogic Corporation (“QLogic” or the “Company”) (Nasdaq: QLGC) on the open market between April 30, 2015 and July 30, 2015, inclusive (the “Class Period”). Investors that have suffered a loss on their QLogic securities holdings are encouraged to contact Howard G. Smith, Esq. to discuss their legal rights prior to the November 27, 2015 lead plaintiff deadline.
QLogic designs and supplies server and storage networking infrastructure products that provide, enhance, and manage computer data communication. These products facilitate the transfer of data and enable resource sharing between servers, networks, and storage. The Company’s products are used in enterprise, managed service provider, consumer web, and cloud service provider data centers. The Company’s products are based primarily on Fibre Channel and Ethernet technologies and are used in connection with storage networks, local area networks, and converged networks.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was being adversely impacted by lower than expected demand due to weakness in its enterprise server and storage markets; (2) that the Company was being negatively impacted by operational issues including an inventory build-up at a major OEM customer; (3) that, as such, the Company’s financial results were being negatively impacted; and (4) that, as a result of the foregoing, the Company’s statements about its business, operations, and prospects lacked a reasonable basis. Upon disclosure of these issues the Company’s securities declined sharply in value, thereby damaging investors.
If you purchased QLogic securities, if you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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