NEW YORK, Dec. 14, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Violin Memory, Inc. ("Violin Memory" or the "Company") (NYSE: VMEM) of the January 27, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Violin Memory, certain executives and the underwriters of the Company's Initial Public Offering ("IPO").
A complaint has been filed on behalf of all persons who purchased or otherwise acquired Violin Memory common stock pursuant and/or traceable to the Company's September 26, 2013 IPO in the Northern District of California.
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that Violin Memory failed to disclose in the prospectus and registration statement issued in connection with its IPO that reprioritization of certain federal agencies' budgets affected by the federal budget negotiations and the possibility of a federal government shutdown would negatively impact the Company's sales and revenues.
On November 21, 2013, in an investor conference call, Defendant Donald G. Basile, President and Chief Executive Officer of Violin Memory, reported that the Company was negatively impacted by the slowdown in spending by the federal government.
On this news, the Violin Memory's common stock price dropped $2.89 per share, or over 48%, to close at $3.11 per share on November 22, 2013, on unusually high volume.
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If you invested in Violin Memory stock or options pursuant and/or traceable to the Company's September 26, 2013 IPO and would like to discuss your legal rights, visit www.faruqilaw.com/VMEM. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Violin Memory's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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