Violin Memory Investigated by Law Offices of Howard G. Smith …

Law Offices of Howard G. Smith is investigating potential claims on behalf of investors of Violin Memory, Inc. concerning possible violations of federal securities laws.

The investigation is related to certain statements issued by the company concerning Violin Memory’s financial performance and prospects.

Violin Memory develops and supplies memory-based storage systems for high-speed applications, servers and networks in the Americas, Europe and the AsiaPac.

On November 21, 2013, the company announced its financial results for the company’s third fiscal quarter of 2014. The company reported a higher-than-expected net loss of $0.85 cents a share, and sales of $28.3 million, which were below analysts’ expectations.

In addition, the company provided revenue guidance between $30 million and $32 million for its 2014 fiscal fourth quarter – well-below consensus estimates in the range of $44 million.

Following this news, stock price dropped more than 46% below its $6 closing price on November 21, 2013, trading as low as $3.19 per share in intraday trading on November 22, 2013. The investigation is focused whether the company’s public statements concerning financial performance and prospects were materially misleading.