NEW YORK, Nov. 20, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Fusion-io, Inc. ("Fusion-io" or the "Company")(NYSE: FIO). Such investors are advised to contact Lesley F. Portnoy at firstname.lastname@example.org or 888-476-6529, ext. 223.
The investigation concerns whether Fusion-io and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934
On October 23, 2013, the Company revoked its prior revenue guidance and announced that its expected gross margin in 2014 would fall significantly. The Company also announced that Chief Financial Officer ("CFO") Dennis Wolf and Chief Sales Officer James Dawson were leaving the Company. Following these disclosures, stock analysts commented that lower revenue growth and falling margins could only mean that the competitive pressures facing Fusion-io were more significant than the Company had represented.
On this news, shares of Fusion-io fell from $12.98 per share to $9.82 per share, or 24%, on October 23, 2013.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Lesley F. Portnoy
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP