NEW YORK, June 6, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit against Infoblox, Inc. (NYSE:BLOX) ("Infoblox" or the "Company") and certain of its officers has been filed in the United States District Court for the Northern District of California on behalf of purchasers of the common stock between September 6, 2013 and February 10, 2014, inclusive (the "Class Period"). Investors have until July 29, 2014 to seek appointment as lead plaintiff.
The Complaint alleges that Infoblox and certain of its executives issued a series of materially false and misleading statements during the Class Period. On February 10, 2014, after the market's close, the Company provided preliminary fiscal second quarter 2014 results and updated its outlook for fiscal year 2014. Infoblox disclosed that it had been "discounting enormously to get deals" and revised its guidance downward both for its second quarter ending January 31, 2014 and for its fiscal year ending July 31, 2014. The Company stated that it now projected revenue of $60 to $61 million for the second quarter of 2014, down from the previous expectation of $65 to $66 million. For its full year, the Company revised its revenue projections to $250 to $254 million, down from previous guidance over of $270 to $276 million. Annual forecasted earnings per share were updated to be $0.30 to $0.34, far lower than previous guidance of $0.44 to $0.54. On this news, shares of Infoblox fell $15.95 per share to $17.19, or more than 48%, in trading on February 11, 2014.
During the class period, while defendants were falsely touting the Company's financial strength, Infoblox insiders sold $21.25 million of their personal holdings of company common stock.
Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm.
If you are a shareholder of Infoblox, who suffered a loss on shares purchased during the class period, you may, no later than July 29, 2014, request that the Court appoint you as lead plaintiff of the class. If you are a Infoblox shareholder that suffered a material loss and would like additional information concerning your rights in this matter, please contact us immediately:
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Wolf Haldenstein Adler Freeman & Herz LLP
270 Madison Avenue
New York, New York 10016
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Source:Wolf Haldenstein Adler Freeman & Herz LLP