Class Action Lawsuit by Brower Piven Vs. QLogic

The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of QLogic Corp. securities during the period between April 30, 2015 and July 30, 2015, inclusive.

The complaint accuses the defendants of  by virtue of the defendants’ failure to disclose during the class period that the company’s financial results were negatively impacted by 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.

According to the complaint, following the company’s July 9, 2015 announcement that its preliminary first quarter 2016 revenue was substantially below forecasts and its July 30, 2015 announcement that its final first quarter results were consistent with its preliminary results due to the above undisclosed operational issues, the value of QLogic shares declined.