NEW YORK, Aug. 5, 2016 /PRNewswire/ -- Pomerantz LLP
is investigating claims on behalf of investors of Cray Inc. ("Cray"
or the "Company") (NASDAQ: CRAY). Such investors are advised
to contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
[Click here to join a class action]
The investigation concerns whether Cray and certain of its
officers and/or directors have violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934.
On August 2, 2016, the Company
released disappointing financial results for Q2 2016 and adjusted
its expected outlook for the year. Cray stated that the
change in the Company's revenue outlook was driven by numerous
factors, including "a very recent electrical smoke event caused by
a failed manufacturing facility power component that will delay the
Company's ability to deliver on some customer contracts in 2016,
including an impact on anticipated third quarter revenue."
The Company further noted that some of the systems damaged by the
smoke event were "key pieces of larger customer
solutions."
Following this news, Cray's share price fell $9.47, or 30.27%, to close at $21.81 per share on August
3, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP