San Diego, CA -- (SBWire) -- 12/02/2015 --An investigation for shareholders in QLogic Corporation shares concerning potential breaches of fiduciary duties by certain directors QLogic Corporation was announced.
Investors who are current long term investors in QLogic Corporation (NASDAQ:QLGC) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm for current long term investors in NASDAQ:QLGC stocks follows a lawsuit filed recently against QLogic Corporation over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:QLGC stocks, concerns whether certain QLogic officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges that between April 30, 2015 and July 30, 2015 defendants allegedly failed to disclose that QLogic Corporation was being adversely impacted by lower than expected demand due to weakness in its enterprise server and storage markets, that QLogic Corporation was being negatively impacted by operational issues including an inventory build-up at a major OEM customer, that as such, QLogic's financial results were being negatively impacted, and that as a result of the foregoing, QLogic's statements about its business, operations, and prospects lacked a reasonable basis.
On July 9, 2015, QLogic Corporation announced preliminary results for its first quarter ended June 28, 2015. QLogic Corporation said that it expects to report net revenue of approximately $113 million for the first quarter of fiscal 2016, compared to the previously-forecasted range of$124 million to $132 million. QLogic Corporation said that the preliminary results reflect 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.
Then, on July 30, 2015, after the market closed, QLogic Corporation announced its first quarter fiscal year 2016 financial results. QLogic Corporation 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. QLogic Corporation 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.
Shares of QLogic Corporation (NASDAQ:QLGC) declined from $11.30 per share on July 30, 2015 to as low as $8.37 per share on July 31, 2015
Those who purchased QLogic shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
QLogic Corporation (NASDAQ:QLGC) Shareholder Alert: Investigation Concerning Possible Wrongdoing
An investigation on behalf of current long term investors in QLogic Corporation (NASDAQ:QLGC) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:QLGC stockholders should contact the Shareholders Foundation