SanDisk Corporation (NASDAQ:SNDK) Investor Investigation Concerning Potential Violations Of Securities Laws Announced

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Company Name(s): 
SanDisk
Affected Securities: 
NASDAQ: SNDK

March 30, 2015 (Shareholders Foundation) - An investigation on behalf of investors of SanDisk Corporation (NASDAQ:SNDK) shares over potential securities laws violations by SanDisk and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of SanDisk Corporation (NASDAQ:SNDK) concerning whether a series of statements by SanDisk regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

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 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.