BigClassActions.com
Advertisement

Dell Inc DELL Securities Lawsuit

- by

Company: Dell Inc
Ticker Symbol: DELL
Class Period: Feb-22-12 to May-22-12
Date Filed: May-22-14
Lead Plaintiff Deadline: Jul-21-14
Court: Southern District of New York
Allegations:
New York, NY: A securities class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of Dell Inc. ("Dell") (Nasdaq:DELL) common stock between February 22, 2012 and May 22, 2012, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").

The complaint charges Dell and certain of its officers and directors with violations of the Exchange Act. During the Class Period, as alleged in the complaint, defendants issued materially false and misleading statements regarding the Company' financial performance and future prospects and failed to disclose adverse facts, including that: (i) Dell was experiencing severe market pricing pressures associated with its notebook and desktop personal computer ("PC") products, particularly in its European, Middle Eastern and African ("EMEA") and Asia-Pacific, Japanese ("APJ") markets; (ii) as a result of such extreme pricing pressures, Dell' management issued a directive not to pursue certain notebook and desktop PC sales in its EMEA and APJ markets; (iii) Dell was experiencing weakening demand for its notebook and desktop PC products, particularly in its EMEA and APJ markets; and (iv) Dell was experiencing material undisclosed operational deficiencies within is sales function that were adversely impacting its Large Enterprise and Public business segments.

On May 22, 2012, after the close of trading, Dell issued a press release disclosing that revenues for its fiscal 2013 first quarter, the period ended May 4, 2012, were $14.4 billion, approximately one-half billion dollars less than Dell' guidance and Wall Street estimates. Dell also disclosed that it was projecting revenues of just $14.7 to $15 billion for its fiscal 2013 second quarter, when securities analysts, based on defendants' Class Period statements, had been projecting revenues of $15.4 billion. In response to these revelations, the price of Dell stock fell from its May 22, 2012 closing price of $15.08 per share to close at $12.49 per share on May 23, 2012, a decline of $2.59 per share, or more than 17%, its largest single-day decline in over 11 years, on extremely high volume of more than one billion shares traded, or approximatelysix timesthe average daily trading volume during the Class Period.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Dell Inc DELL Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Dell Inc securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.

Maybe it's your stockbroker

Add Your Comment on This Issue

Please read our comment guidelines before posting.


Note: Your name will be published with your comment.


Your email will only be used if a response is needed.

Request Legal Help