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Investigation of QLogic by Howard G. Smith

Concerns whether company misled investors regarding financial prospects and future earnings.

Law Offices of Howard G. Smith announces an investigation on behalf of investors of QLogic Corporation concerning the company’s and its officers’ possible violations of federal securities laws.

QLogic designs and supplies high performance server and storage networking infrastructure products that provide, enhance and manage computer data communication.

The investigation concerns whether the company misled investors regarding its financial prospects and future earnings.

On July 9, 2015, QLogic reported preliminary results for the first quarter of fiscal 2016, the company announced that it, “expects to report net revenue of approximately $113 million for the first quarter f fiscal 2016, compared to the previously-forecasted range of $124 million to $132 million. 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.

On this news, shares of QLogic declined $2.98 per share, or 21%, to close on July 9, 2015 at $11.00 per share, on unusually high volume.

The Law Offices of Howard G. Smith is preparing a lawsuit on behalf of QLogic investors.

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