NEW YORK, Nov. 27, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased Violin Memory, Inc. ("Violin Memory" or the "Company") (NYSE:VMEM) securities pursuant and/or traceable to the Company's September 26, 2013 Initial Public Offering (the "IPO").
For more information, click here: http://zlk.9nl.com/violin-memory-vmem/.
The complaint alleges that the Company issued materially false and misleading statements and/or failed to disclose significant facts in its prospectus and Registration Statement. In particular, it is alleged that the Company failed to disclose that prior to the IPO the Company was 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 government shutdown.
On November 21, 2013, the Company disclosed it had been negatively impacted by the federal government's slowdown in spending. Upon this news, shares of Violin Memory stock fell more than 48% to close at $3.11 per share the following business day.
If you suffered a loss in Violin Memory you have until January 27, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/violin-memory-vmem/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.comSource:Levi & Korsinsky, LLP