Glancy
Binkow & Goldberg LLP, representing investors of Fusion-io,
Inc. (“Fusion-io” or the “Company”) (NYSE: FIO), has filed a class
action lawsuit in the United States District Court for the Northern
District of California on behalf of a class (the “Class”) comprising all
purchasers of Fusion-io securities between August 10, 2012 and October
23, 2013, inclusive (the “Class Period”).
A COPY OF THE COMPLAINT
IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE
CONTACT US TOLL-FREE AT (888) 773-9224, OR AT (212) 682-5340, OR BY
EMAIL TO SHAREHOLDERS@GLANCYLAW.COM
TO DISCUSS THIS MATTER. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR
MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED.
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.
Following these disclosures, stock analysts commented that lower revenue
growth and falling margins could only mean that the competitive
pressures facing Fusion-io were more significant than the Company had
represented. Following this news, the price of Fusion-io stock declined
24%, or $3.16 per share, to a closing price of $9.82 per share on
October 24, 2013.
If you are a member of the Class described above you may move the Court
no later than January 21, 2014, to serve as lead plaintiff; however, you
must meet certain legal
requirements. If you wish to learn more about this action or have
any questions concerning this announcement or your rights or interests
with respect to these matters, please contact Michael
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century
Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888)
773-9224, or contact Gregory
Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd
Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by
e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
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jurisdictions under the applicable law and ethical rules.
Copyright Business Wire 2013