Case Page

 

Case Status:    ONGOING    
On or around 09/21/2016 (Ongoing date of last review)

Filing Date: May 21, 2014

According to the law firm press release, the complaint charges Dell and certain of its officers and directors with violations of the Exchange Act. During the Class Period, as alleged in the complaint, defendants issued materially false and misleading statements regarding the Company’s financial performance and future prospects and failed to disclose adverse facts, including that: (i) Dell was experiencing severe market pricing pressures associated with its notebook and desktop personal computer (“PC”) products, particularly in its European, Middle Eastern and African (“EMEA”) and Asia-Pacific, Japanese (“APJ”) markets; (ii) as a result of such extreme pricing pressures, Dell’s management issued a directive not to pursue certain notebook and desktop PC sales in its EMEA and APJ markets; (iii) Dell was experiencing weakening demand for its notebook and desktop PC products, particularly in its EMEA and APJ markets; and (iv) Dell was experiencing material undisclosed operational deficiencies within is sales function that were adversely impacting its Large Enterprise and Public business segments.

On May 22, 2012, after the close of trading, Dell issued a press release disclosing that revenues for its fiscal 2013 first quarter, the period ended May 4, 2012, were $14.4 billion, approximately one-half billion dollars less than Dell’s guidance and Wall Street estimates. Dell also disclosed that it was projecting revenues of just $14.7 to $15 billion for its fiscal 2013 second quarter, when securities analysts, based on defendants’ Class Period statements, had been projecting revenues of $15.4 billion. In response to these revelations, the price of Dell stock fell from its May 22, 2012 closing price of $15.08 per share to close at $12.49 per share on May 23, 2012, a decline of $2.59 per share, or more than 17%, its largest single-day decline in over 11 years, on extremely high volume of more than one billion shares traded, or approximately six times the average daily trading volume during the Class Period.

On April 30, 2015, the Court issued an Order transferring this case to the Western District of Texas.

Lead Plaintiff filed an amended complaint on July 27, 2015.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Hardware
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: DELL
Company Market: NASDAQ
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: W.D. Texas
DOCKET #: 14-CV-03644
JUDGE: Hon. Broderick
DATE FILED: 05/21/2014
CLASS PERIOD START: 02/22/2012
CLASS PERIOD END: 05/22/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  2. Sullivan, Ward, Asher & Patton, P.C.
    25800 Northwestern Highway, 1000 Maccabees Center, Sullivan, Ward, Asher & Patton, P.C., MI 48075-1000
    248.746.0700 248.746.0700 ·
No Document Title Filing Date
COURT: W.D. Texas
DOCKET #: 15-CV-00374
JUDGE: Hon. Broderick
DATE FILED: 07/27/2015
CLASS PERIOD START: 02/22/2012
CLASS PERIOD END: 05/22/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kendall Law Group, LLP
    3232 McKinney, Ste 700, Kendall Law Group, LLP, TX 75204
    214.744.3000 214.744.3000 ·
  2. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  3. Sullivan, Ward, Asher & Patton, P.C.
    25800 Northwestern Highway, 1000 Maccabees Center, Sullivan, Ward, Asher & Patton, P.C., MI 48075-1000
    248.746.0700 248.746.0700 ·
No Document Title Filing Date