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Case Status:    SETTLED
On or around 03/31/2016 (Ongoing date of last review)

Filing Date: November 26, 2013

According to the law firm press release, Violin 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.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Storage Devices
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: VMEM
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 13-CV-05486
JUDGE: Hon. Yvonne Gonzalez Rogers
DATE FILED: 11/26/2013
CLASS PERIOD START: 09/27/2013
CLASS PERIOD END: 11/26/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 13-CV-05486
JUDGE: Hon. Yvonne Gonzalez Rogers
DATE FILED: 03/28/2014
CLASS PERIOD START: 09/27/2013
CLASS PERIOD END: 11/26/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kaplan Fox & Kilsheimer LLP (SF)
    350 Sansome Street, Suite 400, Kaplan Fox & Kilsheimer LLP (SF), CA 94104
    415-772-4700 415-772-4707 ·
  2. Kaplan Fox & Kilsheimer, LLP (New York)
    850 Third Avenue, 14th Floor, Kaplan Fox & Kilsheimer, LLP (New York), NY 10022
    212.687.1980 212.687.1980 ·
  3. Levi & Korsinsky LLP (DC)
    1101 30th Street, NW; Suite 115, Levi & Korsinsky LLP (DC), DC 20007
    ·
No Document Title Filing Date