Pomerantz Grossman Hufford Dahlstrom & Gross Investigates Fusion-io …
Concerning violation of SEC Act of 1934.
This is a Press Release edited by StorageNewsletter.com on November 21, 2013 at 2:27 pmPomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Fusion-io, Inc.
The investigation concerns whether Fusion-io and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On October 23, 2013, the company revoked its prior revenue guidance and announced that its expected gross margin in 2014 would fall.
The company also announced that CFO Dennis Wolf and chief sales officer James Dawson were leaving the company.
Following these disclosures, stock analysts commented that lower revenue growth and falling margins could only mean that the competitive pressures facing Fusion-io were more significant than the company had represented.
On this news, shares of Fusion-io fell from $12.98 per share to $9.82 per share, or 24%, on October 23, 2013.
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