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Short Take: New class action filed against Western Digital

A class-action complaint has been filed against Western Digital, applicable to investors that purchased the company's common stock between January 13, 1997, and December 2, 1997. The complaint alleges that WDC made misleading statements concerning the effects the hard drive industry's shift to magneto-resistive heads would have on its business prospects. WDC will take a charge against earnings of between $85 and $95 million for the quarter ended December 27, 1997, to account for the reduced value of its inventory.

A class-action complaint has been filed against Western Digital, applicable to investors that purchased the company's common stock between January 13, 1997, and December 2, 1997. The complaint alleges that WDC made misleading statements concerning the effects the hard drive industry's shift to magneto-resistive heads would have on its business prospects. WDC will take a charge against earnings of between $85 and $95 million for the quarter ended December 27, 1997, to account for the reduced value of its inventory.