San Diego, CA -- (ReleaseWire) -- 06/03/2014 -- An investor, who purchased shares of Infoblox Inc (NYSE:BLOX), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Infoblox Inc in connection with certain allegedly false and misleading statements made between September 6, 2013 and February 10, 2014.
Investors who purchased shares of Infoblox Inc (NYSE:BLOX) have certain options and for certain investors are short and strict deadlines running. Deadline: July 29 2014. NYSE:BLOX investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Infoblox Inc (NYSE:BLOX) common shares between September 6, 2013 and February 10, 2014, that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
The plaintiff claims that defendants allegedly falsely lauded Infoblox Inc as a financially successful company, repeatedly emphasizing the company's strong revenues and proclaiming that the company was entering "fiscal 2014 with significant momentum and expect[ed]  to be another year of strong execution," when, in fact, Infoblox Inc had secretly implemented enormous discounting in order to maintain market share, and was allegedly failing to close on big-ticket deals that had previously driven its revenue growth.
The plaintiff alleges that while defendants were falsely touting Infoblox Inc's financial strength, certain Infoblox Inc insiders sold over $21 million of their personal holdings of Infoblox Inc common stock.
Infoblox Inc reported that its Total Revenue rose from $169.25 million for the 12 months period that ended on July 31, 2012 to $225.04 million for the 12 months period that ended on July 31, 2013 and that its respective Net Loss declined from $8.21 million to $4.41 million.
Shares of Infoblox Inc (NYSE:BLOX) grew from $14.50 per share in November 2012 to as high as $47.17 per share in October 2013.
Then on February 10, 2014, Infoblox Inc announced its preliminary fiscal second quarter 2014 results. Shares of Infoblox Inc (NYSE:BLOX) declined from $38.56 per share in January 2014 to $17.19 per share on February 11, 2014.
Then on May 29, 2014, Infoblox Inc reported its third quarter Fiscal 2014 results. Shares of Infoblox Inc (NYSE:BLOX) dropped from $20.50 per share on May 29, 2014, to $12.015 per share during May 30, 2014. Infoblox Inc reported non-GAAP net income of $3.8 million, or $0.07 diluted net income per share on a non-GAAP weighted-average share basis, compared with non-GAAP net income of $6.0 million, or $0.11 diluted net income per share, for the prior-year period.
On May 30, 2014, NYSE:BLOX shares closed $12.96 per share.
Those who purchased shares of Infoblox Inc (NYSE:BLOX) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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