NEW YORK, Aug. 5, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Cray Inc. ("Cray" or the "Company") (NASDAQ: CRAY). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Cray and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On August 2, 2016, the Company released disappointing financial results for Q2 2016 and adjusted its expected outlook for the year. Cray stated that the change in the Company's revenue outlook was driven by numerous factors, including "a very recent electrical smoke event caused by a failed manufacturing facility power component that will delay the Company's ability to deliver on some customer contracts in 2016, including an impact on anticipated third quarter revenue." The Company further noted that some of the systems damaged by the smoke event were "key pieces of larger customer solutions."
Following this news, Cray's share price fell $9.47, or 30.27%, to close at $21.81 per share on August 3, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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 80 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
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SOURCE Pomerantz LLP