Violin Memory Hid Troubles Before $146M IPO, Suit Claims

Law360, New York (November 27, 2013, 2:54 PM EST) -- Public documents for Violin Memory Inc.'s $146 million initial public offering concealed the data storage firm's revenue and sales issues stemming from the U.S. government fiscal crisis, according to a Tuesday class action that lists J.P. Morgan Securities LLC and other bank underwriters as defendants.

The California federal court complaint criticized an Aug. 26 registration statement for Violin Memory’s troubled IPO. The company, whose customers include federal government agencies, saw its stock price plummet more than 20 percent from the offer price on the first day...
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