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Infoblox Inc (NYSE: BLOX) Investor Securities Class Action Lawsuit 05/30/2014

  • If you purchased shares of Infoblox Inc (NYSE: BLOX), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Infoblox Inc
Security
NYSE: BLOX

Case Name
Infoblox Shareholder Class Action Lawsuit 05/30/2014
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

November 25, 2014 - The lead plaintiffs filed a notice of voluntary dismissal without prejudice.
September 26, 2014 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

July 30, 2014 - Additional lead plaintiff motions were filed.

July 29, 2014 - Lead plaintiff motions were filed.

May 30, 2014 - An investor in shares of Infoblox Inc (NYSE: BLOX) filed a lawsuit in the U.S. District Court for the Northern District of California against Infoblox Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between September 5, 2013 and May 29, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Infoblox Inc (NYSE: BLOX) common shares between September 6, 2013 and February 10, 2014, that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

The plaintiff claims that defendants allegedly misrepresented and/or failed to disclose material adverse facts about Infoblox Inc's business, operations and prospects, including that Infoblox Inc was discounting heavily to attract business, and Infoblox Inc's revenue projections were overstated and that as a result, defendants' statements between September 5, 2013 and May 29, 2014 about the Company's business, operations and prospects were false and misleading and/or lacked a reasonable basis.

Infoblox Inc reported that its Total Revenue rose from $169.25 million for the 12 months period that ended on July 31, 2012 to $225.04 million for the 12 months period that ended on July 31, 2013 and that its respective Net Loss declined from $8.21 million to $4.41 million. Shares of Infoblox Inc (NYSE: BLOX) grew from $14.50 per share in November 2012 to as high as $47.17 per share in October 2013.

Then on February 10, 2014, Infoblox Inc announced its preliminary fiscal second quarter 2014 results. Shares of Infoblox Inc (NYSE: BLOX) declined from $38.56 per share in January 2014 to $17.19 per share on February 11, 2014.

Then on May 29, 2014, Infoblox Inc reported its third quarter Fiscal 2014 results. Shares of Infoblox Inc (NYSE: BLOX) dropped from $20.50 per share on May 29, 2014, to $12.015 per share during May 30, 2014. Infoblox Inc reported non-GAAP net income of $3.8 million, or $0.07 diluted net income per share on a non-GAAP weighted-average share basis, compared with non-GAAP net income of $6.0 million, or $0.11 diluted net income per share, for the prior-year period.

On May 30, 2014, NYSE: BLOX shares closed $12.96 per share.