QLogic investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, QLogic designs and supplies server and storage networking infrastructure products that provide, enhance, and manage computer data communication. The company’s products are used in enterprise, managed service provider, consumer web, and cloud service provider data centers.
The complaint alleges that QLogic and certain of its officers violated federal securities laws. Specifically, the complaint alleges that throughout the Class Period, the defendants failed to disclose that: (1) the company was being adversely impacted by lower than expected demand due to weakness in its enterprise server and storage markets; (2) the company was being negatively impacted by operational issues including an inventory build-up at a major OEM customer; (3) as such, the company’s financial results were being negatively impacted; and (4) as a result of the foregoing, the company’s statements about its business, operations, and prospects lacked a reasonable basis.
The Class Period begins on April 30, 2015, when QLogic issued a press release entitled, “QLogic Reports Fourth Quarter and Fiscal Year 2015 Results.” Then, on July 30, 2015, after the market closed, QLogic issued a press release announcing its first quarter fiscal year 2016 financial results. In the press release, QLogic revealed that its financial results had been adversely impacted by “operational issues including an inventory build-up primarily at a major OEM customer.” Furthermore, the company announced that it planned to take actions over the next several months to reduce its operating costs.
Following this news, the company’s shares fell $2.51 per share, or over 22%, to close at $8.87 per share on July 31, 2015.
If you are a member of the class described above, you may no later than November 30, 2015, move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts 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 purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706