Faruqi & Faruqi, LLP Announces Investigation of Blue Coat Systems Inc. (BCSI)
Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Blue Coat Systems Inc. (“Blue Coat” or the “Company”) (NasdaqGS: BCSI). Faruqi & Faruqi, LLP seeks to determine whether certain officers and directors at Blue Coat violated federal securities laws in connection with statements made to the Company's shareholders.
The investigation focuses on whether certain individuals violated federal securities laws by, among other things, failing to disclose that: (1) many customers had canceled their orders for Blue Coat products and services; (2) sales in the Company’s critical European market had declined substantially; (3) the Company was experiencing difficulty selling its WAN optimization products; and (4) Blue Coat was losing market share to rivals with more competitively priced products.
On May 27, 2010, Blue Coat shocked the market by releasing drastically reduced forward sales revenue guidance, admitting that earnings were far less than what the Company had previously led investors to believe. As a result, Blue Coat’s stock dropped by over 25 percent when trading resumed on May 28, 2010.
If you purchased Blue Coat securities between November 24, 2009 and May 27, 2010 and you would like to discuss your legal rights, you can contact us by calling Anthony Vozzolo or Richard W. Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Blue Coat's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.