WILMINGTON, Del., March 28, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Mentor Graphics Corporation (NASDAQ:MENT)?
- Did you purchase your shares between August 21, 2014 and November 19, 2015, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of Oregon on behalf of all persons or entities that purchased the common stock of Mentor Graphics Corporation (“Mentor Graphics” or the “Company”) (NASDAQ:MENT) between August 21, 2014 and November 19, 2015, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Mentor Graphics during the Class Period, or purchased shares prior to the Class Period and still hold Mentor Graphics, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/mentor-graphics-corporation-ment.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on November 19, 2015, Mentor Graphics issued a press release announcing highly disappointing financial results for the third quarter of FY16 and substantially reducing its fourth quarter FY16 financial outlook – instead of $440 million in revenue for the fourth quarter and $0.47 EPS, the Company announced, among other things, that its fourth quarter revenue forecast would be reduced by a whopping $104 million to $336 million, and that bookings for the three months ended October 31, 2015 had decreased by approximately 20% compared to the three months ended October 31, 2014, primarily due to a decrease in term license contract renewals.
On this news, shares of Mentor Graphics dropped over 35%, closing at $17.85 per share on November 20, 2015, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than May 17, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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