SAN DIEGO, March 18, 2016 /PRNewswire/ -- Robbins
Geller Rudman & Dowd LLP ("Robbins Geller")
(http://www.rgrdlaw.com/cases/mentorgraphics/) today announced that
a class action has been commenced in the United States District
Court for the District of Oregon
on behalf of purchasers of Mentor Graphics Corporation ("Mentor
Graphics") (NASDAQ:MENT) common stock during the period between
August 21, 2014 and November 19, 2015 (the "Class Period").
![Robbins Geller, with 200 lawyers in ten offices, represents U.S. and international institutional investors in contingency-based securities and corporate litigation. The firm has obtained many of the largest securities class action recoveries in history, including the largest securities class action judgment. Please visit http://www.rgrdlaw.com for more information. (PRNewsFoto/Robbins Geller Rudman & Dowd LLP) Robbins Geller, with 200 lawyers in ten offices, represents U.S. and international institutional investors in contingency-based securities and corporate litigation. The firm has obtained many of the largest securities class action recoveries in history, including the largest securities class action judgment. Please visit http://www.rgrdlaw.com for more information. (PRNewsFoto/Robbins Geller Rudman & Dowd LLP)](https://photos.prnewswire.com/prnvar/20150415/198876LOGO)
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff's counsel, Darren Robbins of
Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at
djr@rgrdlaw.com. If you are a member of this class, you can
view a copy of the complaint as filed or join this class action
online at http://www.rgrdlaw.com/cases/mentorgraphics/. Any
member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do
nothing and remain an absent class member.
The complaint charges Mentor Graphics and certain of its
officers and directors with violations of the Securities Exchange
Act of 1934. Mentor Graphics develops, manufactures and
distributes electronic design automation ("EDA") products –
computer software and emulation hardware systems – worldwide,
primarily to large companies in the communications, computer,
consumer electronics, semiconductor, networking, multimedia,
military and aerospace, and transportation industries.
The complaint alleges that during the Class Period, defendants
made false and misleading statements and/or failed to disclose
adverse information regarding Mentor Graphics' business and
prospects, including that: (a) Mentor Graphics' customers were
delaying or declining extended license agreements or demanding
price concessions from the Company due to the unprecedented level
of mergers and acquisitions in 2015 and earlier; (b) demand for
Mentor Graphics' emulation products had slowed as a result of the
anticipated introduction of competitive products, notwithstanding
defendants' assertions that it would be a long time before any
competitor could release a competitive virtual emulation product;
and (c) early customer contract renewals and related bookings had
the effect of moving expected bookings and revenue from future
periods to earlier periods, and were not, as defendants reported, a
sign that demand was strong and increasing. As a result of
these false and misleading statements and/or omissions, Mentor
Graphics common stock traded at artificially inflated prices of
over $27 per share during the Class Period.
Then on November 19, 2015, Mentor
Graphics announced disappointing financial results for the third
quarter of fiscal 2016 and substantially reduced its fourth quarter
fiscal 2016 financial outlook, lowering its fourth quarter revenue
forecast by $104 million. In
addition, the Company stated that bookings for the three months
ended October 31, 2015 had decreased
by approximately 20% compared to the three months ended
October 31, 2014, primarily due to a
decrease in term license contract renewals. On this news, the
price of Mentor Graphics stock fell 36%, closing at $17.85 per share, down from the previous day's
close of $27.78 per share, on high
trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers
of Mentor common stock during the Class Period (the "Class").
The plaintiff is represented by Robbins Geller, which has extensive
experience in prosecuting investor class actions including actions
involving financial fraud.
Robbins Geller, with 200 lawyers in ten offices, represents U.S.
and international institutional investors in contingency-based
securities and corporate litigation. The firm has obtained
many of the largest securities class action recoveries in history
and was ranked first in both the amount and number of shareholder
class action recoveries in ISS's SCAS Top 50 report for
2014. Please visit
http://www.rgrdlaw.com/cases/mentorgraphics/ for more
information.
https://www.linkedin.com/company/rgrdlaw
https://twitter.com/rgrdlaw
https://www.facebook.com/rgrdlaw
https://plus.google.com/+Rgrdlaw/posts
Logo - http://photos.prnewswire.com/prnh/20150415/198876LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/robbins-geller-rudman--dowd-llp-files-class-action-suit-against-mentor-graphics-corporation-300238286.html
SOURCE Robbins Geller Rudman & Dowd LLP