NEW YORK, Feb. 15, 2013 (GLOBE NEWSWIRE) -- Gainey & McKenna announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of investors who purchased the shares of Mellanox Technologies, Ltd. ("Mellanox" or the "Company") (Nasdaq:MLNX) between April 19, 2012 and January 2, 2013, inclusive (the "Class Period").
The Complaint alleges Defendants made misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations and prospects. Specifically, Defendants made misleading statements and/or failed to disclose that statements regarding the purportedly strong and consistent demand for the Company's product offerings concealed what Mellanox knew of the advanced development pace of Intel's own InfiniBand product offerings and the negative impact that would have on both Mellanox's sales growth and Intel's demand for Mellanox product offerings. Defendants also concealed that they were receiving a deluge of customer complaints about Mellanox's own Infini and product offerings. As a result, the Company's stock traded at artificially inflated prices during the Class Period, trading above $120 per share in intra-day trading by September 6, 2012, allowing several insiders to cash out by selling millions of dollars of Mellanox stock at inflated prices.
While Gainey & McKenna did not file the Complaint in this matter, the firm regularly prosecutes cases on behalf of shareholders in state and federal courts throughout the United States.
If you wish to serve as lead plaintiff, you must move the Court no later than April 8, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. of Gainey & McKenna at (212) 983-1300, or via e-mail at firstname.lastname@example.org.
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CONTACT: Thomas J. McKenna, Esq. Gainey & McKenna (212) 983-1300 email@example.comSource: Gainey & McKenna