Glancy Prongay & Murray LLP (“GPM”) announces that it has been appointed Lead Counsel in the securities class action against QLogic Corp. (“QLogic” or the “Company”) (NASDAQ: QLGC) and certain executive officers of the Company, currently pending in the United States District Court for the Central District of California – Hull v. QLogic Corporation, et al., No. 8:15-cv-01560-AG-SS.

Investors that purchased shares prior to July 31, 2015, former employees, or anyone with information related to the case should contact Lesley Portnoy of GPM at 310-201-9150.

The class action complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was being adversely impacted by lower than expected demand due to weakness in its enterprise server and storage markets; (2) that the Company was being negatively impacted by operational issues including an inventory buildup at a major OEM customer; (3) that, as such, the Company’s financial results were being negatively impacted; and (4) that, as such, the Company’s statements about its business, operations, and prospects lacked a reasonable basis.

On July 9, 2015, QLogic issued a press release announcing its preliminary first quarter fiscal year 2016 results. The Company preliminarily reported net revenue of approximately $113 million for the first quarter of fiscal 2016, compared to its previously forecasted range of $124 million to $132 million. QLogic revealed that the Company’s financial results had been negatively impacted by lower than expected demand due to general weakness in the Company’s traditional enterprise server and storage markets, and “a build-up of inventory at certain of its original equipment manufacturer (“OEM”) customers due to a slower next-generation server transition in enterprise environments.” On this news, the company’s shares fell $2.98 per share, over 21%, to close at $11.00 per share on July 9, 2015, on unusually heavy trading volume.

On July 30, 2015, after the market closed, QLogic issued a press release announcing its first quarter fiscal year 2016 financial results. The Company reported net income of $2.6 million, or $0.03 diluted earnings per share (“EPS”), and net revenue of $113.4 million for the first fiscal quarter of 2016 ended June 28, 2015. The Company further disclosed that its financial results had been adversely impacted by “operational issues including an inventory build-up primarily at a major OEM customer.” Furthermore, the Company announced that it planned to take actions over the next several months to reduce its operating costs. On this news, the company’s shares fell $2.51 per share, over 22%, to close at $8.87 per share on July 31, 2015, on unusually heavy trading volume.

If you purchased shares of QLogic or are a former employee of the Company, or if you have any questions or comments concerning this case, this announcement, or your rights or interests with respect to these matters, or if you would like an update concerning the status of this case, would like to learn more about the case, or if you have information and wish to discuss these matters further, please contact Lesley Portnoy, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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