|By Marketwired .||
|December 18, 2013 08:04 PM EST||
SAN FRANCISCO, CA -- (Marketwired) -- 12/18/13 -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has filed a class action suit in the United States District Court for the Northern District of California against Santa Clara, California-based Violin Memory, Inc. ("Violin Memory" or the "Company") (NYSE: VMEM).
The complaint is brought on behalf of persons and/or entities who purchased or otherwise acquired the common stock of Violin Memory pursuant and/or traceable to the Company's registration statement filed with the U.S. Securities and Exchange Commission ("SEC") on Form S-1/A on September 16, 2013, and prospectus filed with the SEC on Form 424(b)(4) on September 27, 2013 ("Prospectus"), (collectively the "Registration Statement"), in the Company's initial public offering ("IPO") of 18 million shares of common stock at a price of $9.00 per share (the "Class").
Defendants named in the action include the Company, its former President and Chief Executive Officer, Don Basile, Violin Memory's directors who signed the Registration Statement, as well as the underwriters of Violin Memory's IPO, including J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., Robert W. Baird & Co., and Pacific Crest Securities LLC.
The complaint alleges that the defendants violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 because the Registration Statement contained untrue statements of material facts or omitted to state material facts necessary to make the statements made not misleading, and was not prepared in accordance with the applicable SEC rules and regulations governing its preparation.
In particular, the complaint alleges that the Registration Statement failed to disclose that at the time of the IPO, Violin Memory was experiencing material difficulties building and developing PCIe Flash Memory Cards that were compliant with Toshiba's specifications, and the Company was experiencing material difficulties optimizing its PCIe Flash Memory Cards for its customers; and further, that at the time of the IPO, the Company's sales and revenues had already been negatively affected by the reprioritization of federal agencies' budgets ahead of the federal government shutdown, which caused the Company to lose material federal projects, or caused revenue from such projects to be indefinitely deferred.
If you are a member of the proposed Class, you may move the court no later than January 27, 2014 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving violations of the Federal securities laws.
For more information about Kaplan Fox, or to review a copy of the complaint filed in this action, you may visit our website at www.kaplanfox.com.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail attorneys Jeff Campisi (email@example.com) or Larry King (firstname.lastname@example.org), or contact them by phone or regular mail:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Toll-Free Telephone: (800) 290-1952
Telephone: (212) 687-1980
Fax: (212) 687-7714
E-mail address: email@example.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
Telephone: (415) 772-4700
E-mail address: firstname.lastname@example.org