|[January 03, 2014]
Lieff Cabraser Reminds Fusion-io, Inc. Investors of Upcoming Deadline in Class Action Litigation - FIO
SAN FRANCISCO --(Business Wire)--
Lieff, Cabraser, Heimann & Bernstein, LLP reminds investors of the
January 21, 2014 deadline to move for appointment as lead plaintiff in
class litigation brought on behalf of purchasers of the common stock of
Fusion-io, Inc. ("Fusion-io (News - Alert)" or the "Company") (NYSE:FIO) between
August 10, 2012 and October 23, 2013, inclusive (the "Class Period").
If you purchased Fusion-io common stock during the Class Period, you may
move the Court for appointment as lead plaintiff by no later than
January 21, 2014. A lead plaintiff is a representative party who acts on
behalf of other class members in directing the litigation. Your share of
any recovery in the action will not be affected by your decision of
whether to seek appointment as lead plaintiff. You may retain Lieff
Cabraser, or other attorneys, as your counsel in the action.
investors who wish to learn more about the action and how to seek
appointment as lead plaintiff should click here or contact Sharon M.
Lee of Lieff Cabraser toll-free at 1 800 541-7358.
Fusion-io is a computer hardware and software systems company that
designs and manufactures memory storage solutions. Since Fusion-io's
initial public offering in 2011, a small number of what the Company
calls "strategic" customers have accounted for a significant portion of
the Company's revenues.
The complaints allege that during the Class Period, defendants issued
materially false and misleading statements regarding Fusion-io's
financial performance and future prospects. Specifically, defendants
misrepresented to investors that Fusion-io was a market leader in
large-scale flash memory applications and was not facing any competitive
pressure or risk from the commoditization of flash memory products.
Defendants also issued positive revenue guidance and misrepresented that
Fusion-io was able to anticipate the demand from its strategic
customers. As a result of defendants' material misrepresentations and
omissions, Fusion-io's common stock traded at artificially inflated
prices during the Class Period.
On October 23, 2013, after the market closed, Fusion-io revoked its
prior revenue guidance and announced that its expected gross margin in
2014 would fall significantly, indicating it was facing more competition
than previously represented. The Company also announced the departure of
its Chief Financial Officer and Chief Sales Officer. On this news, the
price of Fusion-io common stock fell 24% from its closing price of
$12.98 per share on October 23, 2013, to close at $9.82 per share on
October 24, 2013, on unusually high trading volume.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to
advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser
as one of the top plaintiffs' law firms in the nation.
For more information about Lieff Cabraser and the firm's representation
of investors, please visit http://www.lieffcabraser.com.
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