SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

April 20, 2010 14:29 ET

Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased Compellent Technologies Common Stock Between October 28, 2009 and April 7, 2010; Announces Upcoming Investor Deadline -- CML

DENVER, CO--(Marketwire - April 20, 2010) -  Dyer & Berens LLP (www.Dyerberens.com) today announced that it has filed a class action lawsuit in the United States District Court for the District of Minnesota on behalf of purchasers of the common stock of Compellent Technologies, Inc. ("Compellent") (NYSE: CML) between October 28, 2009 and April 7, 2010, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934.

If you wish to serve as a lead plaintiff, you must move the court no later than June 14, 2010. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Jeffrey A. Berens, Esq., at (888) 300-3362, (303) 861-1764, or via email at jeff@dyerberens.com. Any member of the putative class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The plaintiff alleges that defendants failed to disclose material adverse facts about the company's true financial condition, business and prospects. Specifically, defendants failed to disclose: (i) that the company was experiencing increasing competition which was forcing it to dramatically lower prices; (ii) that as a result of increased competition, the company was being forced to raise expenditures associated with acquiring new customers; (iii) that the company was experiencing significant issues with its sales force which were further exacerbating the negative impact of slowing sales; and (iv) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the company, its prospects and growth. On April 7, 2010, the company announced its preliminary financial results for 1Q10. Upon this disappointing announcement, the company's stock fell $4.54 per share, on unusually heavy trading volume.

Plaintiff seeks to recover damages on behalf of Compellent investors. The plaintiff is represented by Dyer & Berens LLP, which has significant expertise in prosecuting investor class actions. For more information about the firm, please go to www.DyerBerens.com.

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362 or (303) 861-1764
    Email: Email Contact