QLOGIC ALERT: Shareholder Rights Law Firm Johnson & Weaver, LLP Continues its Investigation of QLogic Corporation; Encourages...
August 01 2015 - 2:01PM
Business Wire
Shareholder Rights Law Firm Johnson & Weaver, LLP is
investigating potential violations of the federal securities laws
by QLogic Corporation (NASDAQ: QLGC) and certain of its officers
and directors. QLogic designs and supplies high performance server
and storage networking infrastructure products that provide,
enhance and manage computer data communication.
Specifically, Johnson & Weaver’s investigation seeks to
determine whether certain statements regarding QLogic’s business
and prospects were false and misleading when made.
On July 9, 2015, QLogic issued a press release announcing its
preliminary first quarter fiscal year 2016 results. The Company
preliminarily reported net revenue of approximately $113 million
for the first quarter of fiscal 2016, compared to its previously
forecasted range of $124 million to $132 million. QLogic attributed
the lower than expected demand due to “general weakness in the
Company’s traditional enterprise server and storage markets, and a
build-up of inventory at certain of its OEM customers due to a
slower next-generation server transition in enterprise
environments.” As a result of this news, the price of QLogic
stock dropped $2.98 per share to close at $11 per share on July 9,
2015, a decline of 21%.
Then, on July 30, 2015, after the market closed, QLogic issued a
press release announcing its first quarter fiscal year 2016
financial results. The Company reported net income of $2.6 million,
or $0.03 diluted earnings per share (“EPS”), and net revenue of
$113.4 million for the first fiscal quarter of 2016 ended June 28,
2015. The Company reiterated that its first quarter results were
impacted adversely by lower than anticipated demand due to weakness
in the Company’s traditional enterprise server and storage markets
and inventory build-up primarily at a major OEM customer that had
not been identified in a timely basis. As a result of this news,
the price of QLogic stock dropped $2.51 per share to close at $8.87
per share on July 31, 2015, a one-day decline of 22%.
If you have information that could assist in this
investigation, or if you are a QLogic shareholder and are
interested in learning more about the investigation or your legal
rights and remedies, please contact Jim Baker
(jimb@johnsonandweaver.com) by email or by phone
at 619-814-4471. If emailing, please include a phone number where
you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New York and Georgia.
The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For
more information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
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version on businesswire.com: http://www.businesswire.com/news/home/20150801005006/en/
Johnson & Weaver, LLPJim Baker,
619-814-4471jimb@johnsonandweaver.com
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