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Semtech Corporation Summary: An Order to appoint and approve Lead Plaintiff and Co-Lead Counsel was granted and entered on March 31, 2008 by Judge Christina A. Snyder. The Order appoints Class member the Mississippi Public Employees' Retirement System to serve as Lead Plaintiff in the consolidated action. In addition, Cauley Bowman Carney & Williams, PLLC, and Baron & Budd, P.C. are approved as Co-Lead Counsel.
On October 15, 2007, the Judge Denny Chin issued the Order to transfer the case from the U.S. District Court for the Southern District of New York to Central District of California. On October 22, 2007, the case was transferred out.
According to a press release dated August 22, 2007, the complaint alleges that Defendants Semtech and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by artificially inflating Semtech's previously reported financial results through an improper stock option backdating scheme that was perpetrated at the highest levels of the Company. Defendants carried out this scheme by intentionally manipulating the grant dates of stock options awarded to themselves and other officers and directors of the Company and selecting grant dates at which Semtech stock traded at much lower prices than the actual grant dates. In public disclosures, however, Defendants falsely claimed that the grants were dated and priced as of the date of the actual grants.
The complaint further alleges that on July 20, 2006, Semtech revealed that it expected to record material amounts of additional compensation expense and that it expected to restate its financial results from fiscal 2002 through 2006, while it also disclosed that its prior financial statements should not be relied upon. Semtech's share price fell in reaction to this announcement, falling from $13.19 to $12.37 per share. Semtech shares continued to fall in reaction to the news on July 21, 2006, closing at $11.60 per share.
INDUSTRY CLASSIFICATION:
SIC Code: 3674
Sector: Technology
Industry: Semiconductors
| COMPANY/ISSUER NAME: | Semtech Corporation |
| COMPANY/ISSUER TICKER: | SMTC |
| COMPANY WEBSITE: | http://www.semtech.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Middlesex County Retirement System, et al. v. Semtech Corporation, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violations of the Federal Securities Laws - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 08/10/2007 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 10/22/2007 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Middlesex County Retirement System, et al. v. Semtech Corporation, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Order For Consolidation, Appointment As Lead Plaintiff, And For Approval Of Selection Of Counsel | |||
| Type: Order | Date on the document: 3/31/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 4/9/2008 | ||
| Consolidated Class Action Complaint | |||
| Type: Complaint | Date on the document: 5/30/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Lawrence Chayt, et al. v. Semtech Corporation, et al. | |||
| Type: Complaint | Date on the document: 10/05/2007 | ||
| US District Court Civil Docket | |||
| Case Name and/or Number: Lawrence Chayt, et al. v. Semtech Corporation, et al. | |||
| Type: Docket | Date on the document: 3/31/2008 | ||
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