NEW YORK, Dec. 12, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that class actions have been filed in the United States District Court for the Northern District of California on behalf of all purchasers of the common stock of Violin Memory, Inc. ("Violin Memory" or the "Company") (NYSE:VMEM) common stock pursuant to and/or traceable to the Registration Statement issued in connection with Violin Memory's September 26, 2013 IPO or between September 27, 2013 and November 21, 2013 (the "Class Period").
If you purchased Violin Memory before November 21, 2013, you may, no later than January 27, 2014 request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts 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 charge Violin Memory and certain of the Company's executive officers and directors and the underwriters with violations of federal securities laws. The Complaints allege that the registration statement issued in connection with the Company's IPO was materially false and misleading because it failed to disclose known trends affecting sales and revenues.
On November 21, 2013, the Company reported its 2014 third quarter financial results and disclosed that it was negatively impacted by the slowdown in spending by the federal government in its first quarter. Following this news, the Company's stock declined over 48% to close at $3.11 on November 22, 2013.
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