NEW YORK, Sept. 21, 2011 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Blue Coat Systems, Inc. ("Blue Coat" or the "Company") (NASDAQ: BCSI) common stock from November 24, 2009 through May 27, 2010.
For more information, click here: http://zlk.9nl.com/blue-coat.
The complaint alleges that during the class period the Company overstated demand for Blue Coat's product and service offerings in the European market. In particular, the complaint alleges that the Company understated both its difficulties in selling its WAN optimization products after the initial installation and the extent to which customers were cancelling orders of the Company's products and services. The complaint further alleges that Blue Coat understated the extent to which the Company was losing market share to competitors. As a result, shares of Blue Coat traded at artificially inflated prices during the Class Period.
In a May 27, 2010 press release, defendants announced that demand for Blue Coat's products and services had significantly weakened, and that multiple sales in Europe had not been completed. Upon this news, shares of Blue Coat plummeted more than 25% per share.
If you are a member of the class and suffered a loss in Blue Coat stock, you have until October 31, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. To obtain additional information about your rights, contact Joseph Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://www.zlk.com/blue-coat-systems-bcsi.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 15th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com
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