WAYNE, Pa.--(BUSINESS WIRE)--Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/eqix) announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors who purchased Equinix, Inc. (Equinix” or the “Company”) (NASDAQ: EQIX) common stock between the period of July 29, 2010 and October 5, 2010, inclusive (the "Class Period").
For more information regarding this class action suit, 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/eqix.
The Complaint alleges that Equinix and certain of its officers and directors violated the federal securities laws by failing to disclose the following material information: (1) Equinix was having integration issues with Switch & Data Corporation Facilities Company; (2) specifically, the integration problems where due to a decline in bookings prior to the close of the acquisition; and (3) that the Company’s business model was failing.
On October 5, 2010, after the market closed, Equinix issued a press release announcing revised third quarter and fiscal year 2010 guidance. The Company reported it expected revenue to be in the range of $328.0 to $330.0 million for the third quarter of 2010. The Company further reported it expected revenues for the full year 2010 to be approximately $1,215.0 million, 1.2% lower than the midpoint of its previous outlook. In addition, the Company announced that it would transition from a demand fulfillment business model to a demand creation model. On this news, shares of Equinix fell $34.75 per share, or 33%, to close at $70.34 per share on October 6, 2010, on unusually high volume.
If you are a member of the class, you may, no later than May 5, 2011, 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 about the case or to participate online, please visit: www.rmclasslaw.com/cases/eqix or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at rmaniskas@rmclasslaw.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.