Science & Technology
Mon, March 21, 2011Fri, March 18, 2011Thu, March 17, 2011Wed, March 16, 2011Tue, March 15, 2011Mon, March 14, 2011Fri, March 11, 2011Thu, March 10, 2011Wed, March 9, 2011Tue, March 8, 2011Mon, March 7, 2011Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Equinix, Inc.
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Published in Science and Technology on Friday, March 11th 2011 at 16:40 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims against Equinix, Inc. (aEquinixa or the aCompanya) (NASDAQ:EQIX) concerning possible breaches of fiduciary duties by the Company or its fiduciaries. Equinix is a global network-neutral provider of data centers and Internet exchanges.
The investigation concerns allegations that starting in July 2010 the Company issued a series of materially false and misleading statements regarding Equinixa™s business and financial results. Specifically, that Equinix was having difficulty with the integration of Switch & Data Corporation Facilities Company (which had formerly been Equinixa™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 Companya™s aggressive synergy plan. The Company further touted its data center colocation services as being robust and failed to disclose that the Companya™s ademand fulfillmenta business model was not working and causing Equinix to experience increased churn and pricing pressure on its colocation services.
On October 5, 2010, Equinix issued a press release announcing revised third-quarter and fiscal-year 2010 guidance, and also announced that the Company would transition from a ademand fulfillmenta business model to a ademand creationa model. On this news, Equinixa™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 $84.00 per share.
If you purchased Equinix stock and still hold those shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].
