Case Page

 

Case Status:    DISMISSED    
On or around 08/08/2007 (Date of order of final judgment)

Filing Date: August 18, 2005

On August 8, 2007 the judge entered an order granting the defendants' December 4, 2006 motion to dismiss the case. As of yet, plaintiffs have not filed an appeal to the decision.

On June 29, 2006, the Court entered the Order consolidating all the actions, designated the Laborers Pension Group as lead plaintiff and approved Lerach Coughlin Stoia Geller Rudman & Robbins, LLP, to serve as lead counsel. On September 8, 2006, the plaintiffs filed a Consolidated Amended Complaint.

The original complaint charges ATI and certain of its officers and directors with violations of the Securities Exchange Act of 1934. ATI is the world's second largest computer graphics chip maker.

Specifically, the complaint alleges that during the Class Period, defendants made false and misleading statements regarding the Company's business and prospects. As a result of defendants' false and misleading statements, ATI's stock traded at inflated levels, allowing the Company's top officers and directors to sell or otherwise dispose of more than $54 million worth of their own shares at artificially inflated prices.

The complaint alleges that the true facts, which were known by each of the defendants but concealed from the investing public during the Class Period, were as follows: (a) the Company was selling desktop and notebook products with lower and lower profit margins; (b) ATI's gross margins were being weakened by high sales of its IGP products, which have profit margins well below the corporate average; (c) the Company was earning lower-than-anticipated yields on certain products due to operational issues in its own packaging and test areas of its manufacturing process; (d) the Company was experiencing production/design/yield issues with its R520 chip; (e) the Company was losing market share to arch-rivals Nvidia Corp. and Intel Corp.; and (f) despite defendants' previous statements to the contrary, a fire at one of the Company's primary suppliers in Taiwan was preventing the Company from receiving necessary supplies.

The complaint further alleges that on or around June 6, 2005, ATI warned that its revenue for the third quarter 2005 would fall well below its previously announced forecast. Thereafter, when the Company issued its actual third quarter 2005 financial results on June 23, 2005, reporting a quarterly loss of $445,000 in the third quarter 2005 compared to a profit of $48.6 million in the third quarter 2004 and further reducing fourth quarter 2005 revenue expectations by $20-$50 million, the Company's stock price fell another 8% to its lowest point since July 2003 on extremely high volume.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: ATYT
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 #: 05-CV-04414
JUDGE: Hon. Thomas N. O'Neill Jr.
DATE FILED: 08/18/2005
CLASS PERIOD START: 10/07/2004
CLASS PERIOD END: 06/23/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Federman & Sherwood (Oklahoma City)
    120 North Robinson, Suite 2720, Federman & Sherwood (Oklahoma City), OK 73102
    405-235-1560 · wfederman@aol.com
  2. Johnson & Perkinson
    1690 Williston Road, Johnson & Perkinson, VT 05403
    802.862.0030 802.862.0060 · JPLAW@adelphia.net
  3. Law Offices of Bernard M. Gross (Philadelphia) (former)
    1515 Locust Street, 2nd Floor, Law Offices of Bernard M. Gross (Philadelphia) (former), PA 19102
    215-561-3600 215-561-3000 · bmgross@bernardmgross.com
  4. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  5. Law Offices of Marc S. Henzel (Bala Cynwyd)
    273 Montgomery Ave. Suite 202, Law Offices of Marc S. Henzel (Bala Cynwyd), PA 19004
    610.660.8000 610.660.8080 · securitiesfraud@comcast.net
  6. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (NY)
    200 Broadhollow Road, Suite 406, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (NY), NY 11747
    631-367-7100 631-367-1173 ·
  7. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 · info@milbergweiss.com
  8. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  9. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  10. Scott & Scott LLC (Connecticut)
    P.O. Box 192, 108 Norwich Avenue, Scott & Scott LLC (Connecticut), CT 06415
    860.537.5537 860.537.4432 · scottlaw@scott-scott.com
  11. Smith & Smith LLP
    3070 Bristol Pike, Suite 112, Smith & Smith LLP, PA 19020
    215.638.4847 215.638.4867 ·
No Document Title Filing Date
COURT: E.D. Pennsylvania
DOCKET #: 05-CV-04414
JUDGE: Hon. Thomas N. O'Neill Jr.
DATE FILED: 09/08/2006
CLASS PERIOD START: 10/07/2004
CLASS PERIOD END: 06/23/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices of Bernard M. Gross (Philadelphia) (former)
    1515 Locust Street, 2nd Floor, Law Offices of Bernard M. Gross (Philadelphia) (former), PA 19102
    215-561-3600 215-561-3000 · bmgross@bernardmgross.com
  2. Lerach Coughlin Stoia Geller Rudman & Robbin (San Francisco)
    100 Pine Street, Suite 2600, Lerach Coughlin Stoia Geller Rudman & Robbin (San Francisco), CA 94111
    415.288.4545 415.288.4534 · info@lerachlaw.com
  3. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date
No Document Title Filing Date