Securities Fraud Class Action Lawsuit Filed Vs. Fusion-io by Gainey McKenna & Egleston

Gainey McKenna & Egleston announces that a class action lawsuit has been filed in United States District Court for the Northern District of California, on behalf of all persons who purchased securities of Fusion-io, Inc. between August 10, 2012 and October 23, 2013, inclusive.

The complaint alleges that defendants violated the Securities Exchange Act of 1934. The complaint also alleges that during the class period, defendants issued materially false and misleading statements regarding Fusion-io’s financial performance and future prospects.

Defendants misrepresented to investors that Fusion-io was a market leader in large-scale flash memory applications and was not facing any competitive pressure or risk from the commoditization of flash memory products.

The complaint also alleges that defendants issued positive revenue guidance and misrepresented that Fusion-io was able to anticipate the demand from its strategic customers based on its years of experience as their flash memory supplier.