CINCINNATI, April 20, 2010 (GLOBE NEWSWIRE) -- ATTORNEY ADVERTISING -- Statman, Harris & Eyrich, LLC, (www.statmanharris.com) announces that a class action is proceeding on behalf of a class of all persons who purchased Compellent Technologies, Inc. ("Compellent" or the "Company") (NYSE:CML) common stock or other publicly traded securities between October 28, 2009 and April 7, 2010, inclusive. Compellent develops, markets, and services enterprise-class network storage solutions in the United States and internationally.
The complaint, which was filed in the United States District Court for the District of Minnesota against Compellent and certain of its officers and directors for violations of the Securities Exchange Act of 1934, alleges that defendants failed to disclose the following material adverse facts: (i) that Compellent was experiencing increasing competition which was forcing it to dramatically lower prices in order to continue to generate sales in line with internal expectations; (ii) that as a result of increased competition, the Company was being forced to raise expenditures associated with acquiring new customers far in excess of internal expectations; (iii) that Compellent was experiencing significant issues with its sales force which were further complicating and exacerbating the negative impact of slowing sales; and (iv) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and growth.
If you purchased Compellent common stock between October 28, 2009 and April 7, 2010, you may, no later than June 14, 2010, request that the Court appoint you as lead plaintiff.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
If you wish to discuss this action or have any questions, please contact any member of our team: Statman, Harris & Eyrich, LLC, at 3700 Carew Tower, 441 Vine Street, Cincinnati, OH 45202, for attorneys Elizabeth Hutton or Melinda Nenning by email at ehutton@statmanharris.com, or mnenning@statmanharris.com or by telephone at (513) 621-2666 or (513) 658-8867. All e-mail correspondence should make reference to the Compellent Securities Litigation.
Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois; Cincinnati, Ohio; Dayton, Ohio; and Sarasota, Florida. (www.statmanharris.com)