NEW YORK, April 16, 2010 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of Minnesota on behalf of purchasers of Compellent Technologies, Inc. ("Compellent" or the "Company") (NYSE:CML) stock during the period between October 28, 2009 and April 7, 2010, inclusive (the "Class Period"), for violations of the federal securities laws.
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. If you purchased Compellent common stock during the Class Period and wish to move the court for appointment of lead plaintiff, you must do so by June 14, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee or David Titus at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or dtitus@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint charges that Compellent and certain of its officers and executives violated federal securities laws. Specifically, 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.
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