On or around 05/28/2015 (Other)
Filing Date: November 19, 2013
According to the law firm press release, Fusion-io is a computer hardware and software systems company that designs and manufactures memory storage solutions using flash memory technology. Since the Company's initial public offering in 2011, a limited number of what the Company calls "strategic" customers have accounted for a significant portion of the Company's revenues.
As alleged in the Complaint, Defendants misrepresented to investors that the Company was a market leader in large-scale flash memory applications and was not facing any competitive pressure or risk from the commoditization of flash memory products. Defendants also issued positive revenue guidance and misrepresented that the Company was able to anticipate the demand from its strategic customers based on its years of experience as their flash memory supplier. As a result of Defendants' false statements and omissions, Fusion-io's securities traded at artificially inflated prices during the Class Period. After the market closed on October 23, 2013, the Company revoked its prior revenue guidance and announced that its expected gross margin in 2014 would fall significantly, indicating that the competitive pressures facing Fusion-io were more significant than Defendants had represented. That disclosure caused a material decline in the price of Fusion-io stock.
On June 10, 2014, the Court issued an Order consolidating cases, appointing lead plaintiff, and approving lead counsel. Lead Plaintiffs filed a Consolidated Complaint on August 6.
On February 12, 2015, the Court granted Defendants' Motion to Dismiss with leave to amend. Plaintiffs did not amend, thus this case was dismissed with prejudice on May 27.
Company & Securities Information
Defendant: Fusion-io, Inc.
Industry: Computer Hardware
Headquarters: United States
Ticker Symbol: FIO
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.
First Identified Complaint
Miami Police Relief & Pension Fund, et al. v. Fusion-io, Inc., et al.