The United States District Court for the Southern District of New York received a lawsuit from one of the investors in Mellanox Technologies, Ltd. (NASDAQ:MLNX) stock. The investor saw it necessary to file this lawsuit because the investor believes that the company violated Federal Securities Laws. According to the plaintiff, people associated with Mellanox Technologies, Ltd. made statements that were dishonest and that these statements led people to believe things about the company that were not true.
If you have purchased shares of Mellanox Technologies, Ltd. (NASDAQ:MLNX) between April 19, 2012 and January 2, 2013, call 1-800-934-2921 right now to protect your rights.
Filing deadline: 04/08/2013
The plaintiff filed the lawsuit against the company for the benefit of everyone who bought Mellanox Technologies, Ltd. (NASDAQ:MLNX) stock between the dates of April 19, 2012 and January 2, 2013. Between these times, the plaintiff is alleging that people associated with Mellanox Technologies, Ltd. made proclamations that are factually incorrect and deceptive. According to the plaintiff, these reports were meant to lead people to believe that the company’s finances were in better shape than they actually were and that their finances would continue to remain in positive territory. However, the investor recounted that these statements are in violation of the Securities Exchange Act of 1934.
One announcement that Mellanox Technologies, Ltd. (NASDAQ:MLNX) made was that revenue increased to $500.80 million in 2012. Last year, the company reported the revenue to be equal to $259.25 million. The company also declared that it saw an increase in net income. The company’s net income was reported in a previous year to be $9.98 million. In 2012, net income rose to $111.38 million.
First quarter financial results for Mellanox Technologies, Ltd. were publicized on April 18, 2012. The next, day, the Mellanox Technologies, Ltd. (NASDAQ:MLNX) stock price closed at $65.91 a share. The stock price continued to increase until it reached $119.93 a share on September 6, 2012. Four months later, the company disclosed that it expected fourth quarter revenue to be between $119 million and $121 million. These numbers are lower than the $145 million to $150 million figures that the company projected in its earlier guidance. This means that the company’s annual revenue would be equal to $500 million for 2012 when it was $259 million in 2011.
On January 8, 2013, the stock price for Mellanox Technologies, Ltd. (NASDAQ:MLNX) fell to $47.761 a share.
On February 7, 2012, the stock price fell to lower than 50 percent of the 52-week high. At closing, NASDAQ:MLNX shares remained at $54.48 a share.
Own shares of Mellanox Technologies, Ltd. (NASDAQ:MLNX)? Contact us to protect your rights.
If you have purchased shares of Mellanox Technologies, Ltd. (NASDAQ:MLNX) between April 19, 2012 and January 2, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights.
