San Diego, CA -- (SBWIRE) -- 05/14/2014 -- An investigation on behalf of investors of Emulex Corporation (NYSE:ELX) shares over potential securities laws violations by Emulex and certain of its directors and officers in connection certain financial statements was announced.
Investors who purchased shares of Emulex Corporation (NYSE:ELX) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Emulex Corporation (NYSE:ELX) concerning whether a series of statements by Emulex Corporation regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
More specifically the investigation is focused on potential breaches of fiduciary duty on the part of the Emulex Board of Directors involving a buy-back of Company shares and the issuance of convertible preferred debt and whether the securities laws were violated with respect to the facts surrounding the May 1, 2014, 29% drop in Emulex’s share price upon reporting third quarter 2014 revenues and earnings which missed analysts’ estimates.
Emulex Corporation reported that its Total Revenue declined from $501.77 million for the 52 weeks period that ended on July 1, 2012 to $478.57 million for the 52 weeks period that ended on June 30, 2013 and that its respective Net Loss decreased from $11.08 million to $5.21 million.
Shares of Emulex Corporation (NYSE:ELX) grew from $5.93 per share in April 2013 to as high as $8.30 per share in July 2013.
On April 30, 2014, Emulex Corporation announced its third quarter results. Shares of Emulex Corporation (NYSE:ELX) declined from $7.17 per share on April 30, 2014, to $4.85 per share on May 1, 2014.
On May 12, 2014, NYSE:ELX shares closed at $5.22 per share.
Those who purchased shares of Emulex Corporation (NYSE:ELX), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego