Company Website:
http://www.johnsonandweaver.com
SAN DIEGO -- (Business Wire)
Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating
potential violations of the federal securities laws by QLogic
Corporation (NASDAQ: QLGC) and certain of its officers and directors.
QLogic designs and supplies high performance server and storage
networking infrastructure products that provide, enhance and manage
computer data communication.
Specifically, Johnson & Weaver’s investigation seeks to determine
whether certain statements regarding QLogic’s business and prospects
were false and misleading when made.
On July 9, 2015, QLogic issued a press release announcing its
preliminary first quarter fiscal year 2016 results. The Company
preliminarily reported net revenue of approximately $113 million for the
first quarter of fiscal 2016, compared to its previously forecasted
range of $124 million to $132 million. QLogic attributed the lower than
expected demand due to “general weakness in the Company’s traditional
enterprise server and storage markets, and a build-up of inventory at
certain of its OEM customers due to a slower next-generation server
transition in enterprise environments.” As a result of this news, the
price of QLogic stock dropped $2.98 per share to close at $11 per share
on July 9, 2015, a decline of 21%.
Then, on July 30, 2015, after the market closed, QLogic issued a press
release announcing its first quarter fiscal year 2016 financial results.
The Company reported net income of $2.6 million, or $0.03 diluted
earnings per share (“EPS”), and net revenue of $113.4 million for the
first fiscal quarter of 2016 ended June 28, 2015. The Company reiterated
that its first quarter results were impacted adversely by lower than
anticipated demand due to weakness in the Company’s traditional
enterprise server and storage markets and inventory build-up primarily
at a major OEM customer that had not been identified in a timely basis. As
a result of this news, the price of QLogic stock dropped $2.51 per share
to close at $8.87 per share on July 31, 2015, a one-day decline of 22%.
If you have information that could assist in this investigation, or
if you are a QLogic shareholder and are interested in learning more
about the investigation or your legal rights and remedies, please
contact Jim Baker (jimb@johnsonandweaver.com) by
email or by phone at 619-814-4471. If emailing, please include a phone
number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law
firm with offices in California, New York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more information
about the firm and its attorneys, please visit http://www.johnsonandweaver.com.
Attorney advertising. Past results do not guarantee future outcomes.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150801005006/en/
Contacts:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
Source: Johnson & Weaver, LLP
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