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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of September 12, 2019 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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October 23, 2019 - The court granted final approval of the settlement.
May 24, 2019 - The court preliminarily approved the settlement.
May 6, 2019 - A stipulation and agreement of settlement was entered by the parties.
July 15, 2016 - A third amended consolidated complaint was filed.
June 24, 2016 - The court granted the defendants' motion to dismiss with leave to amend.
April 29, 2016 - A motion to dismiss the second amended consolidated complaint was filed.
March 23, 2016 - A second amended consolidated complaint was filed.
January 22, 2016 - The court granted the defendants' motion to dismiss with leave to amend.
September 30, 2015 - A motion to dismiss the amended consolidated complaint was filed.
August 28, 2015 - An amended consolidated complaint was filed.
March 30, 2015 - An investor in shares of SanDisk Corporation (NASDAQ: SNDK) filed a lawsuit in the U.S. District Court for the Northern District of California against SanDisk Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 16, 2014 and March 25, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of SanDisk Corporation (NASDAQ: SNDK) common shares between October 16, 2014 and March 25, 2015, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that Defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that SanDisk Corporation was experiencing certain production qualification delays on certain of its key products, that SanDisk Corporation was experiencing lower than expected sales of enterprise products, that SanDisk Corporation was vulnerable to lower pricing in some areas of the business, and that as a result of the foregoing, SanDisk Corporation would be forced to announce drastically lower first quarter revenue estimates compared to prior forecasts, and withdraw 2015 forecasts for the Company's financial results in their entirety.
SanDisk Corporation reported that its annual Total Revenue increased from over $5.05 billion in 2012 to over $6.62 billion in 2014 and that its respective Net Income increased from $417.40 million to over $1 billion. Shares of SanDisk Corporation (NASDAQ: SNDK) grew from $31.23 per share in June 2012 to as high as $107.83 per share in July 2014, respectively $106.00 per share in late 2014.
On March 26, 2015, SanDisk Corporation provided a business update. SanDisk Corporation said that it expects its revenue for the first fiscal quarter, which will end on March 29, 2015, to be approximately $1.3 billion, depending on final sell-through results, compared to the previously forecasted revenue range of $1.40 billion to $1.45 billion. SanDisk Corporation (NASDAQ: SNDK) said that the change in first quarter revenue estimate is primarily due to certain product qualification delays, lower than expected sales of enterprise products and lower pricing in some areas of the business. The Company expects continued impact to its 2015 financial results from these factors as well as the previously identified supply challenges, and now forecasts 2015 revenue to be lower than the previous guidance.