Compellent Technologies Inc (NYSE: CML) Investor Securities Class Action Lawsuit 04/14/2010

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Company Name(s): 
Compellent Technologies
Case Name: 
Compellent Technologies Shareholder Class Action Lawsuit 04/14/2010
Case Status: 
Lawsuit Filed
Case Status: 
Case Dismissed
Affected Securities
NYSE: CML
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/14/2010
Class Period Begin: 
10/28/2009
Class Period End: 
04/07/2010
Court of Filing: 
U.S. District Court for the District of Minnesota
Deadline To File for Lead: 
06/11/2010
Case Dismissed: 
08/03/2011
Summary: 

August 3, 2011 - The court issued an amended order granting the defendants' motion to dismiss with prejudice.

August 1, 2011 - The court granted the defendants' motion to dismiss with prejudice.

April 25, 2011 - Additional cases were consolidated.

September 30, 2010 - The defendants filed a motion to dismiss.

August 9, 2010 - The lead plaintiffs filed an amended complaint.

June 24, 2010 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

April 14, 2010 - An investor in shares of Compellent Technologies Inc (NYSE: CML) filed a lawsuit in U.S. District Court for the District of Minnesota against Compellent Technologies Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 28, 2009 and April 7, 2010.

According to the complaint the plaintiff alleges that Compellent Technologies Inc and certain of its officers and executives violated the Securities Exchange Act of 1934 by failing to disclose material adverse facts about Compellent Technologies Inc true financial condition, business and prospects. On October 28, 2009, Compellent Technologies Inc announced record third quarter 2009 results sending its shares from nearly $18 per share on Oct. 28, 2009, to over $24 per share in January 2010. But on February 11, 2010, Compellent Technologies Inc announced its Q1 2010 revenue guidance and shares dropped from $21.77 per share on Feb. 11 to $16.44 per share on Feb. 12. On April 7, 2010, Compellent Technologies Inc announced its preliminary financial results for the first quarter of 2010 lowering its Q1 2010 revenue guidance. As a result of this news, so the lawsuit, shares of Compellent Technologies Inc (NYSE: CML) fell $4.54 per share, or 26%, to close at $13.02 per share, on unusually heavy trading volume.

Compellent Technologies Inc, located in Eden Prairie, Minnesota, is a provider of enterprise-class network storage solutions that automate the movement and management of data throughout its lifecycle. Compellent Technologies Inc reported in 2007 Total Revenue of $51.20million, in 2008 $90.9million, and in 2009 $125.28million.