Violin in a mess
Violin Memory, which does flash-based enterprise storage promoting the ‘all-silicon data centre’, is in a state of chaos, sacking its CEO yesterday.
Three months ago, on September 27th, Violin IPO’d at $9 a share. Yesterday the shares were below $3.
The CTO was sacked last week.
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.
Apple-style-span”>The sacked CEO was on-track to receive 2013 total pay and stock compensation of $19 million