SanDisk Corporation (NASDAQ: SNDK) Investor Securities Class Action Lawsuit 03/30/2015

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Company Name(s): 
SanDisk
Case Name: 
SanDisk Shareholder Class Action Lawsuit 03/30/2015
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: SNDK
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/30/2015
Class Period Begin: 
10/16/2014
Class Period End: 
04/15/2015
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
05/29/2015
Summary: 

June 22, 2017 - The court denied defendants motion to dismiss.

August 19, 2016 - Defendants filed a motion to dismiss.

July 15, 2016 - The lead plaintiffs filed a second amended consolidated complaint on behalf of investors who purchased SanDisk Corporation (NASDAQ: SNDK) common shares between October 16, 2014 and April 15, 2015. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 16, 2014 and April 15, 2015.

June 24, 2016 - The court granted defendants' motion to dismiss with leave to amend.

April 29, 2016 - Defendants filed a motion to dismiss.

March 23, 2016 - The lead plaintiffs filed another amended consolidated complaint.

January 22, 2016 - The court granted defendants' motion to dismiss.

September 30, 2015 - Defendants filed a motion to dismiss.

August 28, 2015 - The lead plaintiffs filed an amended consolidated complaint.

July 15, 2015 - The court amended its order appointing lead plaintiffs and lead counsel.

July 14, 2015 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

May 29, 2015 - Lead plaintiff motions were filed.

March 30, 2015 - An investor in shares of SanDisk Corporation (NASDAQ: SNDK) filed a lawsuit in the U.S. District Court for the Northern District of California against SanDisk Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 16, 2014 and March 25, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of SanDisk Corporation (NASDAQ: SNDK) common shares between October 16, 2014 and March 25, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that SanDisk Corporation was experiencing certain production qualification delays on certain of its key products, that SanDisk Corporation was experiencing lower than expected sales of enterprise products, that SanDisk Corporation was vulnerable to lower pricing in some areas of the business, and that as a result of the foregoing, SanDisk Corporation would be forced to announce drastically lower first quarter revenue estimates compared to prior forecasts, and withdraw 2015 forecasts for the Company's financial results in their entirety.

SanDisk Corporation reported that its annual Total Revenue increased from over $5.05 billion in 2012 to over $6.62 billion in 2014 and that its respective Net Income increased from $417.40 million to over $1 billion. Shares of SanDisk Corporation (NASDAQ: SNDK) grew from $31.23 per share in June 2012 to as high as $107.83 per share in July 2014, respectively $106.00 per share in late 2014.

On March 26, 2015, SanDisk Corporation provided a business update. SanDisk Corporation said that it expects its revenue for the first fiscal quarter, which will end on March 29, 2015, to be approximately $1.3 billion, depending on final sell-through results, compared to the previously forecasted revenue range of $1.40 billion to $1.45 billion. SanDisk Corporation (NASDAQ: SNDK) said that the change in first quarter revenue estimate is primarily due to certain product qualification delays, lower than expected sales of enterprise products and lower pricing in some areas of the business. The Company expects continued impact to its 2015 financial results from these factors as well as the previously identified supply challenges, and now forecasts 2015 revenue to be lower than the previous guidance.