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Case Status:    SETTLED
On or around 07/28/2016 (Date of order of final judgment)

Filing Date: November 26, 2013

According to the law firm press release, Violin Memory, Inc. ("Violin" or the Company) develops and supplies memory-based storage systems to bring storage performance in line with high-speed applications, servers and networks in the Americas, Europe and the Asia Pacific.

The Complaint alleges that the prospectus and registration statement issued in connection with the Company’s IPO were false and misleading because they failed to disclose that the Company was being negatively impacted by known trends affecting its sales and revenues. Specifically, the Complaint alleges that the Company failed to disclose that, prior to the IPO, the Company’s sales and revenues were being negatively impacted by the reprioritization of federal agencies’ budgets due to the uncertainty surrounding the negotiations over the federal budget and the possibility of a shutdown of the federal government.

On November 21, 2013, the Company reported its 2014 fiscal third quarter financial results and disclosed that it had been negatively impacted by the slowdown in spending by the federal government in its first quarter as a public company. On this news, the Company’s stock price declined $2.89 per share, or 48.17%, to close on November 22, 2013, at $3.11 per share, on unusually high volume.

On January 2, 2014, Motion to Appoint Lead Plaintiff and Lead Counsel.

On February 13, 2014 there was an order consolidating the classes.

On February 26, 2014 there was an order approving The Shehk Investor Group As Co-Lead Plaintiffs And Approving Their Selection Of Counsel.

On March 28, 2014, there was an amended Complaint against all Defendants.

On April 18, 2014, there was a motion to dismiss the consolidated class action Complaint.

On April 28, 2014, it was Ordered that Lead Plaintiffs may file a single brief of up to 45 pages in opposition to the Motions to Dismiss the Consolidated Class Action Complaint filed by the Defendants.

On October 31, 2014, the Court issued an Order granting in part and denying in part Defendants' Motions to Dismiss.

On January 28, 2016, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on March 16. On July 28, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On March 14, 2017, the Court issued an Order approving the Settlement's distribution plan. On May 10, 2018, the Court issued an Order directing closure of the case and distribution of the remaining Settlement fund to the Cy Pres recipient.

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