… And Consequently Law Firm of Levi & Korsinsky Investigates Company
For possible violations of securities laws by board of directors
This is a Press Release edited by StorageNewsletter.com on July 13, 2015 at 2:59 pmLevi & Korsinsky, LLP is investigating QLogic Corporation in connection with possible violations of federal securities laws.
The investigation concerns whether certain statements made by QLogic regarding their business and prospects were false and misleading. On July 9, 2015, it lowered its revenue estimate for the first quarter ended June 28, 2015 citing a general weakness in the company’s traditional enterprise server and storage markets and inventory buildup at certain of its OEM customers.
QLogic now expects to report net revenue of approximately $113 million for the first quarter; previously forecasted revenue was in the range of $124 million to $132 million. On this unfavorable news, shares of the firm fell over $2.80 per share or over 20% in pre-market trading on July 9, 2015.
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