Case: Violin Memory, Inc. Sec. Litig., No. 13-cv-5486 (N.D. Cal.)
Court: United States District Court for the Northern District of California
Class Period: September 27, 2013 - November 21, 2013
Attorneys: Laurence D. King, Jeffrey P. Campisi, Mario Choi

Kaplan Fox is the court appointed co-lead counsel in the securities class action against Violin Memory, Inc. (“Violin Memory” or the “Company”) and other related defendants in connection with Company's initial public offering on September 27, 2013 of 18 million shares of common stock at $9 per share ("IPO").  

Violin Memory's alleged violations stem from its failure to disclose material information regarding: (i) material technical defects with Violin Memory’s Velocity Peripheral Component Interconnect Express Flash Memory Cards (“PCIe Cards”) and lack of market acceptance of the Company’s PCIe Cards; (ii) material engineering and development problems with regard to a second product line known as the 6000 Series Flash Memory Arrays (“6000 Flash Arrays”); (iii) material negative trends concerning sales to the federal government; (iv) material negative information concerning the background and business experience of the Company’s Chief Executive Officer, Donald Basile; (v) unusual transactions that materially inflated the Company’s income and revenue; and (vi) the Company’s non-cancelable purchase orders as required by U.S. generally accepted accounting principles (“GAAP”).