Gainey & McKenna Announces a Class Action Lawsuit Has Been Filed Against
Mellanox Technologies, Ltd. -- MLNX
NEW YORK, Feb. 15, 2013 (GLOBE NEWSWIRE) -- Gainey & McKenna announces that a
class action lawsuit has been filed in the United States District Court for
the Southern District of New York, on behalf of investors who purchased the
shares of Mellanox Technologies, Ltd. ("Mellanox" or the "Company")
(Nasdaq:MLNX) between April 19, 2012 and January 2, 2013, inclusive (the
The Complaint alleges Defendants made misleading statements, as well as failed
to disclose material adverse facts about the Company's business, operations
and prospects. Specifically, Defendants made misleading statements and/or
failed to disclose that statements regarding the purportedly strong and
consistent demand for the Company's product offerings concealed what Mellanox
knew of the advanced development pace of Intel's own InfiniBand product
offerings and the negative impact that would have on both Mellanox's sales
growth and Intel's demand for Mellanox product offerings. Defendants also
concealed that they were receiving a deluge of customer complaints about
Mellanox's own Infini and product offerings. As a result, the Company's stock
traded at artificially inflated prices during the Class Period, trading above
$120 per share in intra-day trading by September 6, 2012, allowing several
insiders to cash out by selling millions of dollars of Mellanox stock at
While Gainey & McKenna did not file the Complaint in this matter, the firm
regularly prosecutes cases on behalf of shareholders in state and federal
courts throughout the United States.
If you wish to serve as lead plaintiff, you must move the Court no later than
April 8, 2013.A lead plaintiff is a representative party acting on behalf of
other class members in directing the litigation. If you wish to join the
litigation, or to discuss your rights or interests regarding this class
action, please contact Thomas J. McKenna, Esq. of Gainey & McKenna at (212)
983-1300, or via e-mail at firstname.lastname@example.org.
Attorney advertising.Prior results do not guarantee a similar outcome.
CONTACT: Thomas J. McKenna, Esq.
Gainey & McKenna
Press spacebar to pause and continue. Press esc to stop.