BALA CYNWYD, Pa., May 6, 2015 /PRNewswire/ -- Law Office of
Brodsky & Smith, LLC announces that it has filed a class action
lawsuit in the Northern District of California on behalf of purchasers of SanDisk
Corp. ("SanDisk") (NASDAQ: SNDK) securities, who purchased or
otherwise acquired SanDisk's securities between October 16, 2014 and March
25, 2015, inclusive (the "Class Period"), seeking to pursue
remedies under the Securities Exchange Act of 1934 (the "Exchange
Act").
Click here to learn more about the litigation
http://brodsky-smith.com/933-sndk-sandisk-corporation.html, or
call: 877-534-2590. There is no cost or obligation to you.
SanDisk designs, develops and manufactures "data storage
solutions." The Company's products include solid state
drives, embedded products, removable cards, universal serial bus
("USB") drives, wireless media drives, and digital media
players.
On January 12, 2015, SanDisk
provided preliminary revenue results for its fiscal fourth
quarter. The Company estimated that, for the quarter, its
total revenue would be "approximately $1.73
billion, lower than the previously forecasted revenue range
of $1.80 billion to $1.85
billion." According to the Company, the lower revenue
result was "primarily due to weaker than expected sales of retail
and iNAND products." Following this news, shares of the
Company's stock declined $13.47 per
share, or over 13.8%, to close on January
12, 2015 at $83.57 per
share.
Finally, on March 26, 2015, the
Company announced that it expected to report revenue for the fiscal
first quarter of "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." In
discussing its revenue estimation for the quarter, the Company
stated that "[t]he change in first quarter revenue estimate is
primarily due to certain product qualification delays, lower than
expected sales of enterprise products and lower pricing in some
areas of the business. The Company 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 previous guidance." Additionally, the Company
withdrew its financial forecasts for the quarter and the remainder
of the year. Following this news, shares of the Company's
stock declined an additional $14.98
per share, or over 18.4%, to close on March
26, 2015 at $66.20 per
share.
The Complaint alleges that, throughout the Class Period,
defendants failed to disclose material adverse facts about the
Company's financial well-being, business relationships, and
prospects. Specifically, defendants failed to disclose or
indicate the following: (1) the Company was experiencing production
delays with certain of its products; (2) the Company was
experiencing lower than expected sales; (3) the Company was
suffering from a lower pricing environment in certain business
areas; and (4) as a result of the foregoing, the defendants'
statements about the Company's financial wellbeing and future
business prospects were lacking in a reasonable basis when
made.
SanDisk shareholders may, no later than May 29, 2015, move the Court to serve as a lead
plaintiff of the class. In order to be appointed as a lead
plaintiff, the Court must determine that the class member's claim
is typical of the claims of other class members, and that the class
member will adequately represent the class. Your ability to
share in any recovery is not affected by the decision of whether or
not to serve as a lead plaintiff. Any member of the purported
class may move the court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member.
If you own shares of SanDisk common stock and wish to discuss
this action, or if you have any questions, you may e-mail or call
the law office of Brodsky & Smith, LLC who will, without
obligation or cost to you, attempt to answer your questions. You
may contact Jason L. Brodsky,
Esquire or Evan J. Smith,
Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite
602, Bala Cynwyd, PA 19004, by
e-mail at investorrelations@brodsky-smith.com,by visiting
http://brodsky-smith.com/933-sndk-sandisk-corporation.html, or
calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive
expertise representing shareholders throughout the nation in
securities and case action lawsuits. The attorneys at Brodsky &
Smith have been appointed by numerous courts throughout the country
to serve as lead counsel in class actions and successfully
recovered millions of dollars for our clients and shareholders.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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SOURCE Law Office of Brodsky & Smith, LLC