SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against SanDisk Co...
02 April 2015 - 10:26AM
Business Wire
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.
Rigrodsky & Long, P.A.Timothy J. MacFall, EsquirePeter
Allocco888-969-4242516-683-3516Fax:
302-654-7530info@rl-legal.comhttp://www.rigrodskylong.com
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