|By PR Newswire||
|December 3, 2013 06:15 PM EST||
WAYNE, Pa., Dec. 3, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of Violin Memory, Inc. ("Violin Memory" or the "Company") (NYSE: VMEM) common stock pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with Violin Memory's September 26, 2013 initial public stock offering (the "IPO") or between September 27, 2013 and November 21, 2013, inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [email protected] or visit: www.rmclasslaw.com/cases/vmem.
The Complaint charges Violin, certain of the Company's executive officers and directors, and the underwriters of the IPO with violations of federal securities laws. Violin develops and supplies memory-based storage systems to bring storage performance in line with high-speed applications, servers and networks in the Americas, Europe and the Asia Pacific. The Complaint alleges that the prospectus and registration statement issued in connection with the Company's IPO were false and misleading because they failed to disclose that the Company was being negatively impacted by known trends affecting its sales and revenues. Specifically, the Complaint alleges that the Company failed to disclose that, prior to the IPO, the Company's sales and revenues were being negatively impacted by the reprioritization of federal agencies' budgets due to the uncertainty surrounding the negotiations over the federal budget and the possibility of a shutdown of the federal government.
On November 21, 2013, the Company reported its 2014 fiscal third quarter financial results and disclosed that it had been negatively impacted by the slowdown in spending by the federal government in its first quarter as a public company. On this news, the Company's stock price declined $2.89 per share, or 48.17%, to close on November 22, 2013, at $3.11 per share, on unusually high volume.
If you are a member of the class, you may, no later than January 27, 2014, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/vmem or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at [email protected]. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP