SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in SanDisk Corporation of Class Ac...
May 04 2015 - 8:00AM
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.
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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