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Case Status:    DISMISSED    
On or around 06/17/2011 (Court's order of dismissal)

Filing Date: September 16, 2008

According to a law firm press release, the complaint alleges that defendants failed to disclose problems MEMC was encountering at its production facilities in Italy and Texas and that because of such production issues the Company's financial results for the quarter ended June 30, 2008 would be below target.

In fact, as alleged in the Complaint, on July 23, 2008, the Company first disclosed that in early June 2008 there was a premature failure of a relatively new heat-exchanger at the Company's Merano, Italy facility which caused second quarter polysilicon output to be reduced by approximately 5%. As further alleged, at approximately the same time, on June 13, 2008, the Company's Pasadena, Texas production facility had to be significantly shut down for approximately a week
because of a fire. However, as alleged, defendants failed to disclose these material production problems to investors and the impact they would have on the Company's financial results until July 23, 2008. And, upon these revelations, it is alleged the price of MEMC shares declined 22%, from $53.80 per share to $42.23 per share
on much heavier than usual trading volume.

On December 12, 2008, an Order of consolidation, appointment of lead counsel and lead plaintiff were entered by the court.

On February 23, 2009, a Consolidated Amended Class Action Complaint For Violations Of The Federal Securities Laws was filed with the court.

On March 08, 2010, a Memorandum and Order granted defendants' motion to dismiss plaintiff's consolidated amended complaint. It was further ordered that defendants' motion for oral argument was denied as moot. Subsequently, another order stated that this consolidated action was dismissed, with prejudice, for failure to state a claim upon which relief may be granted, Fed.R.Civ.P. 12(b)(6), and for failure to allege fraud with particularity, Fed.R.Civ.P. 9(b)

On March 31, 2010, a notice of appeal was filed in the case by the plaintiff.

According to the Opinion and Judgment from the U.S. Court of Appeals entered on June 17, 2011, it is hereby ordered and adjudged that the judgment of the district court that this case be dismissed with prejudice for failure to state a claim is affirmed in accordance with the opinion of this Court.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: WFR
Company Market: New York SE
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. Missouri
DOCKET #: 08-CV-01411
JUDGE: Hon. Carol E. Jackson
DATE FILED: 09/16/2008
CLASS PERIOD START: 06/13/2008
CLASS PERIOD END: 07/23/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kaplan Fox & Kilsheimer, LLP (New York)
    850 Third Avenue, 14th Floor, Kaplan Fox & Kilsheimer, LLP (New York), NY 10022
    212.687.1980 212.687.1980 ·
  2. Lockridge Grindal Nauen P.L.L.P.
    100 Washington Avenue S. Suite 2200, Lockridge Grindal Nauen P.L.L.P., MN 55401
    612.339.6900 612.339.6900 ·
  3. Summers Compton Wells & Hamburg
    8909 Ladue Road, Summers Compton Wells & Hamburg, MO 63124
    314.991.4999 314.991.4999 ·
  4. Zimmerman Reed, LLP
    1100 IDS Center, 80 South 8th Street , Zimmerman Reed, LLP, MN 55402
    612.341.0400 612.341.0844 · info@zimmreed.com
No Document Title Filing Date
COURT: E.D. Missouri
DOCKET #: 08-CV-01411
JUDGE: Hon. Carol E. Jackson
DATE FILED: 02/23/2009
CLASS PERIOD START: 06/13/2008
CLASS PERIOD END: 07/23/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brower Piven (New York)
    488 Madison Avenue. Eighth Floor, Brower Piven (New York), NY 10022
    212.501.9000 212.501.0300 · info@browerpiven.com
  2. The Simon Law Firm, P.C.
    701 Market St., Suite 1450, The Simon Law Firm, P.C., MO 63101
    314.241.2929 314.241.2929 ·
No Document Title Filing Date
No Document Title Filing Date
No Document Title Filing Date