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Violin Memory Plunges on Debut After Raising $162 Million

Violin Memory Inc., a maker of high-speed data storage systems that’s partly owned by Toshiba Corp., plunged on its first day of trading.

The stock fell to $7.02, 22 percent below the offer price, in New York today. Violin Memory raised $162 million by selling shares for $9 each, after offering them for $8 to $10 apiece, according to a statement yesterday and data compiled by Bloomberg.