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Camtek Ltd. Summary: According to a press release dated March 10, 2003, the Complaint charges Camtek and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning Camtek's business and prospects caused the Company's stock price to become artificially inflated, inflicting damages on investors. Camtek Ltd. engages in the design, development, manufacture and marketing of automated optical inspection systems and related products which are utilized in the printed circuit board (``PCB'') and semiconductor industries to optically inspect various types of electronic product components for manufacturing defects.
The Complaint alleges that during the Class Period, defendants artificially inflated the price of Camtek shares by issuing statements touting positive trends in the PCB and semiconductors markets and the strength of Camtek's business and financial performance, but that defendants: (i) knew or recklessly disregarded and failed to disclose to the investing public that the Company lacked requisite internal controls, and (ii) misrepresented the Company's business and future prospects. Thus, the Company had no reasonable basis to make projections about its financial results, and as a result, defendants' Class Period statements concerning the Company's business and future prospects were, at minimum, reckless. The Complaint further alleges that defendants were further motivated to engage in this course of conduct in order to generate proceeds from a private placement with institutional investors in April 2006 whereby the Company garnered approximately $15 million in proceeds.
On December 21, 2006, Camtek issued a press release announcing The Company's preliminary financial results for fourth quarter 2006. The Company announced that fourth quarter revenue and earnings were expected to be lower than anticipated ``due to lower revenues in the semiconductor segment.'' This news shocked the market, causing shares of Camtek to plummet $1.28 per share -- a more than 22% drop from the previous day's closing price of $5.77 per share -- to close on December 21, 2006, at $4.49 per share on unusually heavy volume of more than 1.4 million shares traded.
INDUSTRY CLASSIFICATION:
SIC Code: 3827
Sector: Technology
Industry: Scientific & Technical Instr.
| COMPANY/ISSUER NAME: | Camtek Ltd. |
| COMPANY/ISSUER TICKER: | CAMT |
| COMPANY WEBSITE: | http://www.camtek.co.il |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Yuval Lapiner, et al. v. Camtek Ltd., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violations of Federal Securities Laws - Demand for Jury Trial | |||
| Type: Complaint | Date on the document: 03/07/2008 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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