The original complaint charges Plexus and certain of its officers and directors with violations of the Exchange Act. The Company, together with its subsidiaries, operates in the electronics manufacturing services industry. According to the complaint, Defendants issued a series of materially false and misleading statements concerning Plexus, its business, operations and prospects. Unbeknownst to shareholders, the true facts were that the Company was experiencing softness in its defense market segment and was not performing according to internal expectations and that the Company’s United Kingdom operations were in decline and would have to be reorganized. Prior to the disclosure of the true facts about the Company, Company insiders sold more than $26 million dollars of their personally-held shares to the unsuspecting public. On July 26, 2006, after the markets closed, Plexus announced lower than expected financial results for its 2006 fiscal third quarter and reduced the Company’s earnings guidance for its 2006 fiscal fourth quarter. In response to this announcement, the price of Plexus common stock fell $10.71 per share, or approximately 32%, to close at $22.89 per share, on extremely heavy trading volume.
On November 7, 2007, Judge Lynn Adelman appointed Western Pennsylvania Electrical Employees Pension Trust as lead plaintiff and approved lead plaintiff's choice of Coughlin Stoia Geller Rudman & Robbins LLP as lead counsel. The Consolidated Class Action Complaint was filed on February 1, 2008. Defendants filed their motion to dismiss the Consolidated Class Action Complaint on April 15, 2008. On March 6, 2009, Judge Lynn Adelman granted the defendants’ motion to dismiss. The plaintiffs were allowed to file an amended complaint by March 30, 2009. The plaintiff did not do so. On July 23, 2009, the action was dismissed with prejudice. Judgment was entered and the case is now terminated.