NEW YORK, Nov. 02, 2015 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces that a class action lawsuit has been filed on behalf of purchasers of QLogic Corporation (NASDAQ:QLGC) securities during the period from April 30, 2015 through July 30, 2015, inclusive (the “Class Period”). The lawsuit seeks to recover damages for QLogic investors under the federal securities laws.
To join the QLogic class action, go to the firm’s website at http://www.rosenlegal.com/cases-727.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, Defendants made false and/or misleading statements and/or failed to disclose that: (1) QLogic was being adversely impacted by lower than expected demand due to weakness in its enterprise server and storage markets; (2) QLogic was being negatively impacted by operational issues, including an inventory build-up at a major OEM customer; (3) as such, QLogic’s financial results were being negatively impacted; and (4) as a result, QLogic’s statements about its business, operations, and prospects lacked a reasonable basis. On July 30, 2015, QLogic revealed that its financial results had been adversely impacted by “operational issues including an inventory build-up primarily at a major OEM customer.” On this news, shares of QLogic fell $2.51 per share or over 22% to close at $8.87 per share on July 31, 2015.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 27, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to the firm’s website at http://rosenlegal.com/cases-727.html for more information. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.