Investors Sue Memory Co. Over Lost Facebook, Apple Deals

Law360, Los Angeles (November 20, 2013, 5:06 PM EST) -- A putative class of shareholders in a flash memory storage company say its stock price was artificially inflated by executives’ false promises that Facebook Inc. and Apple Inc. were still buying the company’s products, according to a suit filed Tuesday in California federal court.

The Miami Police Relief & Pension Fund sued Fusion-io Inc., claiming it defrauded investors by artificially inflating the stock by lying about its so-called “strategic” customers, according to the complaint. The putative class comprises investors who owned stock in the company between...
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