BENSALEM, Pa., Jan. 10, 2014 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that investors of Fusion-io, Inc. ("Fusion-io" or the "Company") (NYSE:FIO) have until January 21, 2014, to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Northern District of California on behalf of a class (the "Class") comprising all persons who purchased the securities of Fusion-io between August 10, 2012 and October 23, 2013, inclusive (the "Class Period").
Fusion-io designs and manufactures memory storage solutions using flash memory technology, primarily for a limited number of strategic customers, including Facebook, Inc. and Apple, Inc. The Complaint alleges that during the Class Period the defendants misrepresented to investors that the Company was a market leader in large-scale flash memory applications and was not facing any competitive pressure or risk from the commoditization of flash memory products, and also misrepresented that the Company was able to anticipate the demand from its strategic customers based on its years of experience as their flash memory supplier.
On January 30, 2013, the Company announced that it no longer anticipated achieving its previously issued revenue guidance for fiscal year 2013, citing a temporary two-quarter shift in the timing of purchases from Facebook and Apple. Then, on October 23, 2013, the Company revoked its prior revenue guidance and announced that its expected gross margin in 2014 would fall significantly. The Company also announced that the Chief Financial Officer and Chief Sales Officer were leaving the Company.
If you are a member of the Class described above, you have certain rights and have until January 21, 2014, to move for lead plaintiff status. To be a member of the Class you need not take any action at this time or may retain counsel of your choice. If you wish to learn more concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.