Bernstein Liebhard LLP Investigates Claims On Behalf Of Those Who Invested In SanDisk Corp.
NEW YORK, March 26, 2015 /PRNewswire/ -- Bernstein Liebhard LLP is investigating whether SanDisk Corp. ("SanDisk" or the "Company") (NASDAQ: SNDK) issued materially false and misleading statements to investors in violation of the federal securities laws.
SanDisk designs, develops, and manufactures flash memory storage solutions and software that are at the heart of many of the world's largest data centers and embedded in advanced smart phones, tablets and PCs.
On the morning of March 26, 2015, SanDisk announced that the Company was cutting its revenue guidance for the first quarter of 2015 to $1.3 billion – a change of between $100 million to $150 million. The Company cited product qualification delays, lower than expected sales of enterprise products, and lower pricing in certain areas of its business as causes of the sudden guidance change. Just two months prior, the Company had forecasted $1.4 billion to $1.45 billion in Q1 revenue. Additionally, SanDisk withdrew its revenue guidance for FY 2015, but did not provide a new figure. SanDisk also announced the postponement of its May 2015 Investor Day.
In reaction to this news, SanDisk's stock price plummeted over 17%, from a March 25, 2015 closing price of $81.18 per share to $66.11 per share in early trading on March 26, 2015. According to Bloomberg Business, this is SanDisk's sharpest drop in almost five years.
Further, from November 3, 2014 to February 27, 2015, Company insiders sold approximately $20 million in SanDisk shares – unloading substantial amounts of their SanDisk holdings before the Company slashed its revenue forecasts.
If you invested in SanDisk and lost money, are interested in discussing your rights, and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs' firms in the country.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2015 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
[email protected]
Logo - http://photos.prnewswire.com/prnh/20120202/MM47134LOGO
SOURCE Bernstein Liebhard LLP
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article