Violin, which does flash-based enterprise storage promoting the 'all-silicon data centre'', is in a state of chaos, IPO'd last September at $9 a share. The shares are currently selling for $3.90.
There are seven shareholder lawsuits filed against the company for allegedly not revealing the full facts about the company's situation ahead of the IPO.
In November Violin Memory reported a loss of $34 million on revenues of $28 million. The sacked CEO was on-track to receive 2013 total pay and stock compensation of $19 million.
Activist shareholder Clinton Group is said to be pushing the company to sell itself.
Violin has cash of $134 million and credit lines of $58 million.