STEVENSON, Md., Dec. 2, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Violin Memory, Inc. ("Violin Memory" or the "Company") (NYSE:VMEM) common stock pursuant and/or traceable to the Company's September 27, 2013 initial public offering ("IPO").
If you have suffered a net loss from investment in Violin Memory, Inc. common stock purchased pursuant to and/or traceable to the IPO, and held through the revelation of negative information on November 21, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 27, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants' failure to disclose in connection with the IPO, that prior to the IPO, the Company's sales and revenues were being negatively impacted by the reprioritization of federal agencies' budgets because of the uncertainty surrounding the negotiations over the federal budget and the possibility of a shutdown of the federal government. According to the complaint, following the Company's November 21, 2013 disclosure that the Company's business had been negatively impacted by the slowdown in spending by the federal government, the value of Violin shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 firstname.lastname@example.orgSource: Brower Piven, A Professional Corporation