NEW YORK, Nov. 22, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Violin Memory, Inc, ("Violin Memory" or the "Company")(NYSE: VMEM). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
The investigation concerns whether Violin Memory and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934
Violin Memory develops and supplies memory-based storage systems for high-speed applications, servers and networks in the Americas, Europe and the Asia Pacific. On November 21, 2013, the company announced its financial results for the company's third fiscal quarter of 2014. The company reported a higher-than-expected net loss of $0.85 cents a share, and sales of $28.3 million, which were below analysts' expectations. In addition, the company provided revenue guidance between $30 million and $32 million for its 2014 fiscal fourth quarter – well-below consensus estimates in the range of $44 million.
Following this news, Violin Memory's stock price dropped $3.16 per share (more than 47%) from its $6 closing price on November 21, 2013, trading as low as $3.18 per share in intraday trading on November 22, 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.
Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP