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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Case Information

Case Title

Miami Police Relief & Pension Fund v. Fusion-io, Inc. et al


Case Number

5:13-cv-05368

Court

California Northern

Nature of Suit

Securities/Commodities

Judge

Lucy H. Koh

Date Filed

November 18, 2013

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