NEW YORK, March 26, 2015 /PRNewswire/ -- Bernstein Liebhard
LLP is investigating whether SanDisk Corp. ("SanDisk" or the
"Company") (NASDAQ: SNDK) issued materially false and misleading
statements to investors in violation of the federal securities
laws.
SanDisk designs, develops, and manufactures flash memory storage
solutions and software that are at the heart of many of the world's
largest data centers and embedded in advanced smart phones, tablets
and PCs.
On the morning of March 26, 2015,
SanDisk announced that the Company was cutting its revenue guidance
for the first quarter of 2015 to $1.3
billion – a change of between $100
million to $150 million. The Company cited product
qualification delays, lower than expected sales of enterprise
products, and lower pricing in certain areas of its business as
causes of the sudden guidance change. Just two months prior,
the Company had forecasted $1.4 billion to
$1.45 billion in Q1 revenue. Additionally, SanDisk
withdrew its revenue guidance for FY 2015, but did not provide a
new figure. SanDisk also announced the postponement of its
May 2015 Investor Day.
In reaction to this news, SanDisk's stock price plummeted over
17%, from a March 25, 2015 closing
price of $81.18 per share to
$66.11 per share in early trading on
March 26, 2015. According to
Bloomberg Business, this is SanDisk's sharpest drop in almost five
years.
Further, from November 3, 2014 to
February 27, 2015, Company insiders
sold approximately $20 million in
SanDisk shares – unloading substantial amounts of their SanDisk
holdings before the Company slashed its revenue forecasts.
If you invested in SanDisk and lost money, are interested in
discussing your rights, and/or have information relating to the
matter, please contact Joseph R. Seidman,
Jr. at (877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3 billion for its clients. The
National Law Journal has recognized Bernstein Liebhard for
twelve consecutive years as one of the top plaintiffs' firms in the
country.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2015 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
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SOURCE Bernstein Liebhard LLP