NEW YORK, March 26, 2015 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of SanDisk Corp. ("SanDisk" or the "Company") (NASDAQ: SNDK), concerning whether the board has breached its fiduciary duties to shareholders.
On March 26, 2015, the Company disclosed that it was cutting its revenue guidance for the first quarter of 2015 to $1.3 billion, a reduction of about 10%. The Company blamed a variety of factors including lower than expected sales of enterprise products and lower pricing in certain business areas for the reduced guidance. Just two months earlier, the Company had forecast $1.4 to $1.45 billion in revenue for the first quarter.
The Company also withdrew its full year 2015 guidance and postponed its upcoming Investor Day in May 2015. On this news, SanDisk stock fell more than 14%.
Between November 2014 and March 2015 – before the guidance change – SanDisk insiders sold approximately $20 million in SanDisk shares.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own SanDisk shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212)935-7400
Email: bsachsmichaels@hfesq.com
Website: http://www.hfesq.com
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
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SOURCE Harwood Feffer LLP