Faruqi & Faruqi, LLP Announces Class Action Lawsuit Against Equinix, Inc. and the May 5, 2011 Lead Plaintiff Deadline - EQIX
March 18 2011 - 6:41PM
Business Wire
Faruqi & Faruqi, LLP, a leading national securities firm
headquartered in New York City, announces that a class action
lawsuit has been commenced in the United States District Court for
the Northern District of California on behalf of investors who
purchased the common stock of Equinix, Inc. (“Equinix” or the
“Company”) (NASDAQ: EQIX) between July 29, 2010 and October 5, 2010
(the “Class Period”).
For more information regarding this class action lawsuit, please
click here: www.faruqilaw.com/EQIX
The complaint alleges that during the Class Period, Equinix
issued a series of materially false and misleading statements
regarding the Company’s business and financial results.
Specifically, the complaint alleges that Equinix failed to disclose
that the Company was having difficulty with the integration of
Switch & Data Corporation Facilities Company (which had
formerly been Equinix’s biggest competitor and which been acquired
for $700 million in April 2010) into its operations due to a
decline in bookings prior to the close of the acquisition and due
to the Company’s aggressive synergy plan.
On October 5, 2010, the Company issued a press release lowering
its third-quarter and fiscal-year 2010 guidance. Equinix explained
during the following analyst conference call that its co-location
services business was not as robust as previously disclosed. As a
result, the Company stated that it would transition from a “demand
fulfillment” business model to a “demand creation” model. On this
news, Equinix’s stock price fell by $34.75 per share, more than
33%, to close at $70.34 per share on October 6, 2010. The stock is
currently trading in the range of $85 per share.
You have until May 5, 2011 to request that the Court appoint you
lead plaintiff in this class action. If you have lost in excess of
$100,000 in connection with your ownership of the common stock in
Equinix and wish to serve as lead plaintiff, please request more
information now by clicking here: www.faruqilaw.com/EQIX or contact
Juan E. Monteverde, Esq. either via e-mail at
jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or
(212) 983-9330.
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action litigation. The firm is
focused on providing exemplary legal services in complex litigation
in the areas of securities, shareholder, antitrust and consumer
litigation, through all phases of litigation. The firm has an
experienced trial team which has achieved significant victories on
behalf of the firm’s clients.
Attorney Advertising. (C) 2011 Faruqi & Faruqi, LLP. The law
firm responsible for this advertisement is Faruqi & Faruqi, LLP
(www.faruqilaw.com). Prior results do not guarantee or predict a
similar outcome with respect to any future matter. We are happy to
discuss your particular case.
Equinix (NASDAQ:EQIX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Equinix (NASDAQ:EQIX)
Historical Stock Chart
From Sep 2023 to Sep 2024