NEW YORK, Sept. 29, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of the securities of QLogic Corp. (“QLogic” or the “Company”) (Nasdaq:QLGC) between April 30, 2015 and July 30, 2015, inclusive (the “Class Period”).
The Complaint alleges that throughout the Class Period, Defendants failed to disclose that: (a) the Company was being adversely impacted by lower than expected demand due to weakness in its enterprise server and storage markets; (b) the Company was being negatively impacted by operational issues including an inventory build-up at a major OEM customer; (c) as such, the Company’s financial results were being negatively impacted; and (d) as a result of the foregoing, the Company’s statements about its business, operations, and prospects lacked a reasonable basis.
On July 30, 2015, the Company revealed that its financial results had been adversely impacted by “operational issues including an inventory build-up primarily at a major OEM customer.” On this news, the Company’s shares fell $2.51 per share, over 22%, to close at $8.87 per share on July 31, 2015.
If you wish to serve as lead plaintiff, you must move the Court no later than November 30, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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