Violin Memory Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors

DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Violin Memory, Inc. (“Violin Memory” or “Company”) (NYSE: VMEM). The firms are investigating additional legal claims against the officers and Board of Directors of Violin Memory pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with Violin Memory’s September 27, 2013 initial public stock offering (the “IPO”) (the “Class”).

If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, [phone], or via email at [e-mail], or Zachary Groover at Powers Taylor LLP, toll free [phone], via e-mail at [e-mail]. There is no cost or fee to you.

In a recently filed federal class action complaint, Violin Memory and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that among other things, defendants’ misrepresented and/or failed to disclose that at the time of the IPO that: (i) the Company’s sales to the U.S. government through third-party resellers had already been negatively impacted by the threatened U.S. government shutdown; and (ii) the Company was accumulating higher research and marketing costs for its new products than it had budgeted for in the third quarter of 2013, which meant the Company was spending more than it could handle and more than the Registration Statement indicated. According to the complaint, instead of disclosing this information, as the IPO required, Violin Memory issued false and misleading statements. Then when the true facts came to light, shares of Violin Memory dropped dramatically.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.