Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Infoblox Inc.
Oklahoma City, OK (June 4, 2014) – On May 30, 2014, a securities class action lawsuit was filed in the United States District Court for the Northern District of California against Infoblox Inc. (NYSE: BLOX). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is September 6, 2013 through February 10, 2014. More specifically, it is alleged that defendants falsely touted Infoblox Inc. ("Infoblox" or the "Company" as a financially successful company, repeatedly emphasizing the Company's strong revenues and proclaiming that the Company was entering "fiscal 2014 with significant momentum and expected to be another year of strong execution." However, unknown to shareholders, Infoblox had secretly implemented enormous discounting in order to maintain market share, but was still failing to close on big-ticket deals that had previously driven its revenue growth. While defendants were falsely touting Infoblox's financial strength, Infoblox insiders sold $21.25 million of their personal holdings of Infoblox common stock.
Plaintiff seeks to recover damages on behalf of all Infoblox Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, July 29, 2014 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Lynn.
Posted on Wed, June 4, 2014
by K. Lynn Nunn filed under