NEW YORK, March 29, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Mellanox Technologies, Ltd. ("Mellanox" or the "Company") (Nasdaq:MLNX) and certain of its officers. The class action filed in United States District Court, Southern District of New York, and docketed under 13-CV-1047, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Mellanox between April 19, 2012 and January 2, 2013, both dates inclusive of (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Mellanox securities during the Class Period, you have until April 8, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Mellanox technologies, Ltd., a fabless semiconductor company, produces and supplies interconnect products for computing, storage, and communication applications in the computing, Web 2.0, storage, financial services, database, and cloud markets.
The Complaint alleges that throughout the Class Period, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose that statements regarding the purportedly strong and consistent demand for the Company's product offerings concealed what Mellanox knew of the advanced development pace of Intel's own InfiniBand product offerings and the negative impact that would have on both Mellanox's sales growth and Intel's demand for Mellanox product offerings. Defendants also concealed that they were receiving a deluge of customer complaints about Mellanox's own Infini and product offerings during the Class Period, and the adverse impact that was having on sales demand and costs. As a result, Mellanox's stock traded at artificially inflated prices during the Class Period, trading above $120 per share in intraday trading by September 6, 2012, allowing several insiders to cash out by selling millions of dollars of Mellanox stock at fraud-inflated prices.
However, through a series of partial disclosures made between September 7, 2012 and January 3, 2013, the market learned that the Company's business was not as Defendants had portrayed throughout the Class Period, causing significant declines in the price of Mellanox stock.
The Pomerantz Firm, with offices in New York, Chicago, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP