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News Breaks
December 19, 2013
08:03 EDTVMEMViolin Memory says expects to achieve profitability in 2015
Violin Memory remains on track to launch additional, major product offerings in early 2014 that will strengthen the companyís software stack and position the company to maintain its leadership in the enterprise memory market. Violin Memory continues to have a robust product roadmap in place that positions the company to take advantage of the ongoing transition to a memory-based data center and build an even stronger future for its stakeholders. On December 16, Violin Memory appointed Howard A. Bain III, Chairman of the Board of Directors, as its interim CEO. Under Howardís leadership the company remains focused on maintaining the operational flexibility to address the current and emerging needs of its industry, and is pursuing additional tactical initiatives to improve the overall cost efficiency of the business. Violin Memory has retained a leading technology industry focused executive search firm to assist the Board in its search to identify a permanent CEO. Violin Memory also announced that it expects to achieve profitability in 2015. Violin Memory reiterates its long-term financial model expectations that include: Gross margins between 58%-62%. Sales and marketing expense that is expected to be between 24%-26% of revenue; Engineering expense that is expected to be between 15%-16% of revenue; General and administrative expense that is expected to be between 4%-5% percent of revenue; and Operating margin that is expected to be between 14%-16% of revenue.
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April 15, 2014
14:52 EDTVMEMViolin Memory, Clinton group in standstill agreement
Violin Memory disclosed in a filing that on April 12 Violin Memory and Clinton Relational Opportunity Master Fund entered into a settlement agreement for the purpose of, among other things, settling a potential proxy contest with respect to the election of directors to Violinís board of directors at the 2014 annual meeting of the stockholders of Violin. Pursuant to the Settlement Agreement: On April 14, Violin increased the size of the Board from seven to eight members and appointed Vivekanand Mahadevan as a Class II Director of the Board; On April 14, effective immediately upon Mr. Mahadevanís appointment to the Board, Mr. Mahadevan was appointed to the Audit Committee of the Board;The Clinton Group has withdrawn its nomination letter to Violin and has agreed to cause all shares of Violinís common stock beneficially owned by it and its affiliates to vote in favor of the election of each of the Boardís nominees that is currently an incumbent director for election as a Class I Director. Violin has agreed to reimburse the Clinton Group for its reasonable and documented out-of-pocket third party expenses related to the Settlement Agreement and related matters, up to a maximum of $25,000.
April 14, 2014
08:12 EDTVMEMViolin Memory in pact with Clinton Group, appoints Vic Mahadevan to board
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