Investors with Losses in Excess of $100,000 in SNDK Stock: Class Action Lawsuit Against SanDisk Corp. Announced By Glancy Bin...
April 16 2015 - 10:30AM
Business Wire
Glancy Binkow & Goldberg LLP announces that a class
action lawsuit has been filed in the United States District Court
for the Northern District of California on behalf of a class (the
“Class”) comprising purchasers of the securities of SanDisk
Corporation (“SanDisk” or the “Company”) (NASDAQ:SNDK) between
October 16, 2014 and March 25, 2015, inclusive (the “Class
Period”). Investors with losses in excess of $100,000 in SanDisk
stock are encouraged to contact Casey Sadler, at (310) 201-9150, by
e-mail to shareholders@glancylaw.com, to discuss this matter.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding quality control within the corporate organizational
structure, and an overall decline in the Company’s competitive
advantages. Specifically, Defendants made false and/or misleading
statements regarding certain production qualification delays on
certain of its key products, and also failed to disclose that the
Company was experiencing lower than expected sales of enterprise
products, and was vulnerable to lower pricing in some areas of the
business.
On March 26, 2015, before the market opened, the Company issued
a press release announcing a large reduction in its forecasted
revenues. The Company disclosed that 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." 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.
If you are a member of the Class described above, you may move
the Court no later than May 29, 2015, to serve as lead plaintiff,
if you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, or if
you have any questions concerning this announcement or your rights
or interests with respect to these matters, please
contact Casey Sadler, Esquire, of Glancy Binkow & Goldberg
LLP, 1925 Century Park East, Suite 2100, Los Angeles, California
90067, at (310) 201-9150, by e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com. If you
inquire by email, please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los AngelesCasey Sadler,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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