NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased the common stock of Equinix, Inc. (“Equinix” or the “Company”) (NASDAQ: EQIX) between July 29, 2010 and October 5, 2010 (the “Class Period”).
For more information regarding this class action lawsuit, please click here: www.faruqilaw.com/EQIX
The complaint alleges that during the Class Period, Equinix issued a series of materially false and misleading statements regarding the Company’s business and financial results. Specifically, the complaint alleges that Equinix failed to disclose that the Company was having difficulty with the integration of Switch & Data Corporation Facilities Company (which had formerly been Equinix’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 Company’s aggressive synergy plan.
On October 5, 2010, the Company issued a press release lowering its third-quarter and fiscal-year 2010 guidance. Equinix explained during the following analyst conference call that its co-location services business was not as robust as previously disclosed. As a result, the Company stated that it would transition from a “demand fulfillment” business model to a “demand creation” model. On this news, Equinix’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 $85 per share.
You have until May 5, 2011 to request that the Court appoint you lead plaintiff in this class action. If you have lost in excess of $100,000 in connection with your ownership of the common stock in Equinix and wish to serve as lead plaintiff, please request more information now by clicking here: www.faruqilaw.com/EQIX or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.
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