| Company: | Sourcefire, Inc. |
| Ticker Symbol: | NASD: FIRE |
| Class Period:: | IPO: March 9, 2007 |
| Date Filed: | May-30-07 |
| Lead Plaintiff Deadline: | Jul-13-07 |
| Court: | District, MD |
| Allegations: |
A class action lawsuit was filed in the United States District Court for the District of Maryland on behalf of all common stock purchasers of Sourcefire, Inc. (NASDAQ: FIRE) ("Sourcefire" or the "Company") pursuant or traceable to the Company's March 9, 2007 Initial Public Offering (the "IPO").
The Complaint charges Sourcefire and certain of its officers and directors with violations of the Securities Act of 1933. Sourcefire is a provider of intelligence driven, open source network security solutions that enable its customers to protect their computer networks in an automated manner. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that sales of the Company's products to the United States Federal government had already significantly decreased; (2) as such, the Company's revenues and earnings for the quarter would be materially impacted; (3) that, as a result of the foregoing, the Company would be forced to report a disastrous financial quarter; (4) that an adequate due diligence investigation was not conducted into the Company prior to its IPO; (5) that the Company lacked adequate internal and financial controls; and (6) that, as a result of the foregoing, the Company's Registration Statement was false and misleading at all relevant times.
On March 9, 2007, Sourcefire held its IPO. The IPO was a financial success for the Company and the selling shareholders. By offering shares of the Company's stock for sale to the public at a price of $15.00 per share, the Company generated $79.8 million in gross proceeds from the IPO, and the selling shareholders generated an additional $6.75 million in gross proceeds.
On April 6, 2007, the Company released its preliminary financial results for its initial public quarter. The Company's financial results for the quarter were extremely disappointing and materially lower than investors believed that they would be based on the Company's IPO materials. On the release of this news, shares of the Company's stock declined $5.07 per share, or 30 percent, to close on April 9, 2007 at $12.28 per share, on unusually heavy trading volume.
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.
The Complaint charges Sourcefire and certain of its officers and directors with violations of the Securities Act of 1933. Sourcefire is a provider of intelligence driven, open source network security solutions that enable its customers to protect their computer networks in an automated manner. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that sales of the Company's products to the United States Federal government had already significantly decreased; (2) as such, the Company's revenues and earnings for the quarter would be materially impacted; (3) that, as a result of the foregoing, the Company would be forced to report a disastrous financial quarter; (4) that an adequate due diligence investigation was not conducted into the Company prior to its IPO; (5) that the Company lacked adequate internal and financial controls; and (6) that, as a result of the foregoing, the Company's Registration Statement was false and misleading at all relevant times.
On March 9, 2007, Sourcefire held its IPO. The IPO was a financial success for the Company and the selling shareholders. By offering shares of the Company's stock for sale to the public at a price of $15.00 per share, the Company generated $79.8 million in gross proceeds from the IPO, and the selling shareholders generated an additional $6.75 million in gross proceeds.
On April 6, 2007, the Company released its preliminary financial results for its initial public quarter. The Company's financial results for the quarter were extremely disappointing and materially lower than investors believed that they would be based on the Company's IPO materials. On the release of this news, shares of the Company's stock declined $5.07 per share, or 30 percent, to close on April 9, 2007 at $12.28 per share, on unusually heavy trading volume.
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.
