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Shareholder Rights Law Firm Johnson & Weaver Investigating QLogic

For potential violations of federal securities laws

Shareholder rights law firm Johnson & Weaver, LLP is investigating potential violations of the federal securities laws by QLogic Corporationwww.qlogic.com and certain of its officers and directors.

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

Specifically, investigation seeks to determine whether certain statements regarding QLogic’s business and prospects were false and misleading when made.

On July 9, 2015, QLogic issued a press release announcing its preliminary first quarter fiscal year 2016 results. The company preliminarily reported net revenue of approximately $113 million for the first quarter of fiscal 2016, compared to its previously forecasted range of $124 million to $132 million. QLogic attributed the 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.”

As a result of this news, the price of QLogic stock dropped $2.98 per share to close at $11 per shae on July 9, 2015, a decline of 21%.

Then, on July 30, 2015, after the market closed, QLogic issued a press release announcing its first quarter fiscal year 2016 financial results. The company reported net income of $2.6 million, or $0.03 diluted earnings per share, and net revenue of $113.4 million for the first fiscal quarter of 2016 ended June 28, 2015. The company 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. As a result of this news, the price of QLogic stock dropped $2.51 per share to close at $8.87 per share on July 31, 2015, a one-day decline of 22%.

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