STEVENSON, Md. , Nov. 21, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of QLogic Corp. (Nasdaq: QLGC ) (“QLogic” or the “Company”) securities during the period between April 30, 2015 and July 30, 2015, inclusive (the “Class Period”).
If you have suffered a loss from investment in QLogic securities purchased on or after April 30, 2015 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. 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 more than 60 days from the date of the issuance of a statutory notice of the filing of the lawsuit 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 Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
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’s financial results were negatively impacted by 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 original equipment manufacturer customers due to a slower next generation server transition in enterprise environments.
According to the complaint, following the Company’s July 9, 2015 announcement that its preliminary first quarter 2016 revenue was substantially below forecasts and its July 30, 2015 announcement that its final first quarter results were consistent with its preliminary results due to the above undisclosed operational issues, the value of QLogic shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. 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 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
