BENSALEM, Pa., Jan. 10, 2014 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that investors of Violin Memory, Inc. ("Violin" or the "Company") (NYSE:VMEM) have until January 27, 2014, to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Northern District of California on behalf of a class (the "Class") comprising all persons who purchased the common stock of Violin pursuant and/or traceable to the Company's September 26, 2013, initial public offering ("IPO").
Violin develops and supplies memory-based storage systems to bring storage performance in line with high-speed applications, servers and networks in the Americas, Europe and the Asia Pacific. The Complaint alleges that the prospectus and registration statement issued in connection with the Company's IPO were false and misleading because they failed to disclose that the Company was being negatively impacted by known trends affecting its sales and revenues. Specifically, the Complaint alleges that the Company failed to disclose that, prior to the IPO, the Company's sales and revenues were 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 shutdown of the federal government.
If you are a member of the Class described above, you have certain rights and have until January 27, 2014, to move for lead plaintiff status. To be a member of the Class you need not take any action at this time or may retain counsel of your choice. If you wish to learn more concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.