Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed 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, Inc. (“Fusion-io” or the “Company”) (NYSE: FIO)
securities 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 may move the Court
no later than January 21, 2014, to serve as lead plaintiff; however, you
must meet certain legal requirements. To be a member of the Class you
need not take any action at this time; you may retain counsel of your
choice or take no action and remain an absent member of the Class. If
have any questions concerning this Notice or 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.
Copyright Business Wire 2013