STEVENSON, Md., Feb. 8, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Mellanox Technologies, Ltd. ("Mellanox" or the "Company") (Nasdaq:MLNX) common stock during the period between April 19, 2012 and January 2, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Mellanox Technologies, Ltd. common stock purchased on or after April 19, 2012, and held through January 2, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 8, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company was receiving continuous complaints from customers about glitches in its InfiniBand product offerings, that the Company knew that Intel Corporation's development of its own InfiniBand would diminish Intel's demand for Mellanox's products and increase competition within the InfiniBand market, that the Company knew that its first- and second-quarter 2012 sales growth was not sustainable because the growth was attributable to a short-lived boost in sales of InfiniBand used by Intel in its Romley CPU rollout, and that the Company's inventory was dramatically increasing, both at the Company and in the hands of at least one significant customer, which would decrease sales and profit margins going forward. According to the Complaint, following Stifel Nicolaus' September 7, 2012 downgrade of Mellanox, the Company's September 10, 2012 disclosure that Michael Gray, the Company's CFO, was resigning, the Company's October 18, 2012 disclosure lowering guidance for its fourth-quarter 2012 results, the November 28, 2012 rumor that Intel was making substantial progress on developing its own InfiniBand adaptor and that Intel's product would leapfrog Mellanox's by offering 120/sec compared to Mellanox's 56Gb/sec, and the Company's January 2, 2013 disclosure that it had grossly missed its revenue guidance for fourth-quarter 2012, the value of Mellanox shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
© 2013 Canjex Publishing Ltd. All rights reserved.