The Rosen Law Firm Filed Securities Class Action Vs. SanDisk

The Rosen Law Firm P.A., a global investor rights firm, announces that a class action lawsuit has been filed on behalf of purchasers of SanDisk Corporation securities from October 16, 2014 through March 25, 2015.

The lawsuit seeks to recover damages for SanDisk investors under the federal securities laws.

The lawsuit alleges that SanDisk made false and/or misleading statements and/or failed to disclose that: (1) the company was encountering production qualification delays on certain of its key products; (2) the company was experiencing lower than expected sales of its enterprise products; (3) the company was susceptible to lower pricing in some areas of its business; and (4) as a result, the company would be forced to announce drastically lower first quarter revenue estimates compared to prior forecasts, and completely withdraw its 2015 financial forecasts.

On March 26, 2015, the company announced that it expects revenue for the first quarter to be $1.3 billion, compared to the previously forecasted revenue range of $1.4 billion to $1.45 billion. The company primarily attributed this reduction to “certain product qualification delays, lower than expected sales of enterprise products and lower pricing in some areas of the business.” On this news, shares of SanDisk fell $14.98 per share to close at $66.20 per share on March 26, 2015, damaging investors.