NEW YORK, Dec. 12, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that class actions were filed in the U.S. District Court for the Northern District of California on behalf of all of purchasers of Fusion-io, Inc. common stock ("Fusion-io" or the "Company") (NYSE:FIO) between August 10, 2012 and October 23, 2013, inclusive (the "Class Period").
If you purchased Fusion-io during the Class Period, you may, no later than January 21, 2014 request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The Complaints allege that defendants misrepresented the Company's market status in large-scale flash memory applications and also that the Company was able to anticipate the demand from its strategic customers based on its experience as their flash memory supplier.
On October 23, 2013, the Company revoked its prior revenue guidance and announced that its expected gross margin in 2014 would fall significantly, indicating that the competitive pressures facing Fusion-io were more significant than previously represented. The Company also announced that the CFO and Chief Sales Officer were leaving the Company. Following these announcements, the price of Fusion-io common stock fell 24% from its closing price of $12.98 per share on October 23, 2013, to close at $9.82 per share on October 24, 2013.
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