Rigrodsky & Long, P.A.:
-
Do you, or did you, own shares of SanDisk Corporation (NASDAQ GS: SNDK)?
-
Did you purchase your shares between October 16, 2014 and March 25,
2015, inclusive?
-
Did you lose money in your investment in SanDisk Corporation?
-
Do you want to discuss your rights?
Rigrodsky
& Long, P.A., including former Special Assistant United States
Attorney, Timothy J. MacFall, announces that a complaint has been filed
in the United States District Court for the Northern District of
California on behalf of all persons or entities that purchased the
common stock of SanDisk Corporation (“SanDisk” or the “Company”) (NASDAQ
GS: SNDK)
between October 16, 2014 and March 25, 2015, inclusive (the “Class
Period”), alleging violations of the Securities Exchange Act of 1934
against the Company and certain of its officers (the “Complaint”).
If you purchased shares of SanDisk during the Class Period, or purchased
shares prior to the Class Period and still
hold SanDisk, and wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact Timothy
J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2
Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by
e-mail to info@rl-legal.com; or
at: http://www.rigrodskylong.com/investigations/sandisk-corporation-sndk.
The Complaint alleges that throughout the Class Period, defendants made
materially false and misleading statements, and omitted materially
adverse facts, about the Company’s business, operations and prospects.
Specifically, the Complaint alleges that the defendants concealed from
the investing public: (1) the Company was experiencing certain
production qualification delays on certain of its key products; (2) the
Company was experiencing lower than expected sales of enterprise
products; (3) the Company was vulnerable to lower pricing in some areas
of the business; and (4) as a result of the foregoing, the Company would
be forced to announced drastically lower first quarter revenue estimates
compared to prior forecasts, and withdraw 2015 forecasts for the
Company’s financial results in their entirety. As a result of
defendants’ alleged false and misleading statements, the Company’s stock
traded at artificially inflated prices during the Class Period.
According to the Complaint, on March 26, 2015, before the market opened,
the Company issued a press release announcing that it expects revenue
for the fiscal first quarter “to be approximately $1.3 billion,
depending on final sell-through results, compared to the previously
forecasted revenue range of $1.40 billion to $1.45 billion.” As the
Company disclosed, this reduction in guidance was “primarily due to
certain product qualification delays, lower than expected sales of
enterprise products and lower pricing in some area of the business.”
Moreover, the Company announced that it expects continued impact to its
2015 financial results from these factors as well as the previously
identified supply challenges, and now forecasts 2015 revenue to be lower
than the previously forecast.
On this news, shares in SanDisk dropped over 18%, closing at $66.20 per
share on March 26, 2015, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later
than May 29, 2015. A lead plaintiff is a representative party
acting on behalf of other class members in directing the litigation. In
order to be appointed lead plaintiff, the Court must determine that the
class member’s claim is typical of the claims of other class members,
and that the class member will adequately represent the class. Your
ability to share in any recovery is not, however, affected by the
decision whether or not to serve as a lead plaintiff. Any member of the
proposed class may move the court to serve as lead plaintiff through
counsel of their choice, or may choose to do nothing and remain an
absent class member.
While Rigrodsky
& Long, P.A. did not file the Complaint in this matter, the
firm, with offices in Wilmington, Delaware and Garden City, New York, regularly
litigates securities class, derivative and direct actions, shareholder
rights litigation and corporate governance litigation, including
claims for breach of fiduciary duty and proxy violations in the Delaware
Court of Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar outcome.
Copyright Business Wire 2015