SanDisk Corporation

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Case Summary
Company Name: SanDisk Corporation
Stock Symbol : (NASDAQ: SNDK)
Class Period Start: 10/16/2014
Class Period End: 03/25/2015
Lead Plaintiff motion: 05/29/2015
Date Filed: 03/30/2015
Type of Case: Securities Class Action
Court: U.S. District Court for the Northern District of California
Summary:

Thieler Law Corp advises investors with losses exceeding $100,000 of the May 29, 2015 lead plaintiff deadline in a class action lawsuit filed against SanDisk Corporation (NASDAQ: SNDK) (“SanDisk” or “the Company”). The suit is pending in the U.S. District Court for the Northern District of California and investors, who purchased SanDisk securities between October 16, 2014 and March 25, 2015, have until May 29, 2015 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.


If you purchased SanDisk securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 866-6157 or emailing mail@thielerlaw.com. No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.


The complaint alleges that during the Class Period defendants made false and misleading statements related 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.


If you were negatively impacted by your investment in SanDisk securities between October 16, 2014 and March 25, 2015 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.


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Please find below an excerpt of the complaint filed

SanDisk Corporation Complaint 2015

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