The Shareholders Foundation announces that an investor, who purchased shares of SanDisk Corporation (NASDAQ:SNDK), filed a lawsuit over alleged violations of Federal Securities Laws by SanDisk in connection with certain allegedly false and misleading statements.
Investors who purchased shares of SanDisk Corporation (NASDAQ:SNDK) have certain options and for certain investors are short and strict deadlines running. Deadline: May 29, 2015. NASDAQ:SNDK investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of SanDisk Corporation (NASDAQ:SNDK) common shares between October 16, 2014 and March 25, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that SanDisk Corporation was experiencing certain production qualification delays on certain of its key products, that SanDisk Corporation was experiencing lower than expected sales of enterprise products, that SanDisk Corporation was vulnerable to lower pricing in some areas of the business, and that as a result of the foregoing, SanDisk Corporation would be forced to announce drastically lower first quarter revenue estimates compared to prior forecasts, and withdraw 2015 forecasts for the Company’s financial results in their entirety.
On March 26, 2015, SanDisk Corporation provided a business update. SanDisk Corporation said that it expects its revenue for the first fiscal quarter, which will end on March 29, 2015, to be approximately $1.3 billion, depending on final sell-through results, compared to the previously forecasted revenue range of $1.40 billion to $1.45 billion. SanDisk Corporation (NASDAQ:SNDK said that the change in first quarter revenue estimate is primarily due to certain product qualification delays, lower than expected sales of enterprise products and lower pricing in some areas of the business. The Company expects continued impact to its 2015 financial results from these factors as well as the previously identified supply challenges, and now forecasts 2015 revenue to be lower than the previous guidance.
Shares of SanDisk Corporation (NASDAQ:SNDK) declined to as low as $63.00 per share on April 1, 2015.
On April 10, 2015, NASDAQ:SNDK shares closed at $70.68 per share.
Those who purchased shares of SanDisk Corporation (NASDAQ:SNDK) have certain options and should contact the Shareholders Foundation.
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