Pomerantz Law Firm Announces the Filing of a Class Action Against SanDisk Corporation and Certain Officers -- SNDK
March 30 2015 - 7:09PM
Pomerantz LLP has filed a class action lawsuit against SanDisk
Corporation ("SanDisk" or the "Company") (Nasdaq:SNDK) and certain
of its officers. The class action, filed in United States District
Court, Northern District of California, and docketed under
15-cv-01455, is on behalf of a class consisting of all persons or
entities who purchased SanDisk securities between October 16, 2014
and March 25, 2015, inclusive (the "Class Period"). This class
action seeks to recover damages against Defendants for alleged
violations of the federal securities laws under the Securities
Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased SanDisk securities during
the Class Period, you have until May 29, 2015 to ask the Court to
appoint you as Lead Plaintiff for the class. A copy of the
Complaint can be obtained at www.pomerantzlaw.com. To discuss this
action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or
888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire
by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
SanDisk designs, develops, manufactures, and markets data
storage solutions in the United States and internationally. The
Company offers removable cards, which are used in various
applications and consumer devices, including digital cameras,
camcorders, smartphones, tablets, and eReaders under the SanDisk
Ultra, SanDisk Extreme, and SanDisk Extreme PRO brands; and
embedded products that are used in mobile phones, tablets,
notebooks, and other portable and wearable devices, as well as in
automotive and connected home applications under the brand name
iNAND.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding quality control within the corporate organizational
structure. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (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
announce drastically lower first quarter revenue estimates compared
to prior forecasts, and withdraw 2015 forecasts for the Company's
financial results in their entirety.
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 areas 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 of SanDisk declined $14.98 per share, or
18.45%, to close on March 26, 2015, at $66.20 per share, on
unusually heavy volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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