WAYNE, Pa., March 23, 2016 /PRNewswire/ -- Ryan &
Maniskas, LLP that a class action lawsuit has been filed in United
States District Court for the District of Oregon on behalf of purchasers of Mentor
Graphics Corp. ("Mentor Graphics" or the "Company") (NASDAQ: MENT)
common stock during the period between August 21, 2014 and November 19, 2015, inclusive (the "Class
Period").
Mentor Graphics shareholders may, no later than May 17, 2016, move the Court for appointment as a
lead plaintiff of the Class. If you purchased shares of
Mentor Graphics and would like to learn more about these claims or
if you wish to discuss these matters and have any questions
concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218 or to sign up online, visit:
www.rmclasslaw.com/cases/ment.
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 lawsuit 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
alleged 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.
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.
If you are a member of the class, you may, no later than
May 17, 2016, request that the Court
appoint you as lead plaintiff of the class. A lead plaintiff
is a representative party that acts on behalf of other class
members in directing the litigation. In order to be appointed
lead plaintiff, the Court must determine that the class member's
claim is typical of the claims of other class members, and that the
class member will adequately represent the class. Under
certain circumstances, one or more class members may together serve
as "lead plaintiff." Your ability to share in any recovery is
not, however, affected by the decision whether or not to serve as a
lead plaintiff. You may retain Ryan & Maniskas, LLP or
other counsel of your choice, to serve as your counsel in this
action.
For more information regarding this, please contact Ryan &
Maniskas, LLP (Richard A. Maniskas,
Esquire) toll-free at (877) 316-3218 or by email at
rmaniskas@rmclasslaw.com or visit:
www.rmclasslaw.com/cases/ment. For more information about
class action cases in general or to learn more about Ryan &
Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old
Eagle School Rd., Suite 311
Wayne, PA
19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/ment
rmaniskas@rmclasslaw.com
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SOURCE Ryan & Maniskas, LLP