Case Page

 

Case Status:    DISMISSED    
On or around 05/05/1998 (Date of order of final judgment)

Filing Date: November 18, 1997

According to the court order posted on the site, the court granted the defendant's motion to dismiss the stockholders' class action that alleged that the corporation made misrepresentations regarding the value of its stock. According to the motion granting dismissal, the court found that none of the corporation's press releases contained any comments regarding the profitability or projection of anticipated earnings. Furthermore, the court noted that the corporation was under no duty to update the public regarding the status of the financial quarter already in progress. Finally, the court ruled that the stockholders failed to adequately plead scienter. The court explained that it would not infer fraudulent intent from the mere fact that some officers sold stock.

The original complaint alleges various security laws violations arising under Sections 10(b), 20(a) and 20A(a) of the Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint alleges, among other things, that the Registrant, intentionally or recklessly, failed to disclose adverse material financial information regarding its silicon wafer business in the fourth quarter of 1996.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SEMX
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Pennsylvania
DOCKET #: 97-CV-7078
JUDGE: Hon. Charles R. Weiner
DATE FILED: 11/18/1997
CLASS PERIOD START: 11/25/1996
CLASS PERIOD END: 12/30/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Greenfield & Rifkin, LLP
    800 Times Building, Greenfield & Rifkin, LLP, PA 19003
    610.649.3900 610.649.3900 · g&r@whitehatlaw.com
  2. Lawrence E. Feldman and Associates
    101 Greenwood Avenue, Suite 230 , Lawrence E. Feldman and Associates, PA 19046
    215.885.3302 215.885.3303 · leflaw@leflaw.com
No Document Title Filing Date