On or around 07/25/2016 (Court's order of dismissal)
Filing Date: January 22, 2016
According to the law firm press release, the lawsuit alleges throughout the Class Period Defendants issued false and misleading statements to investors and/or failed to disclose that: (1) the value of net tangible assets of the acquisition of a fabrication facility from Micron Technology Inc. was artificially inflated; (2) the value of net tangible assets of the acquisition of 51% of TowerJazz Panasonic Semiconductor Co., Ltd. from Panasonic Corporation was artificially inflated; (3) Tower Semiconductor’s Series F Debentures were incorrectly accounted for to understate debt; and (4) as a result, Defendants’ statements about Tower Semiconductor’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. The suit alleges that when the truth of these allegations entered the market through a research report issued by Spruce Point Capital Management, the value to Tower securities dropped, damaging investors.
On April 27, 2016, the Court issued an Order appointing lead plaintiff and approving lead counsel.
On July 25, 2016, this Court ordered this case closed pursuant to a Notice of Voluntary Dismissal filed by Lead Plaintiff.
Company & Securities Information
Defendant: Tower Semiconductor Ltd.
Ticker Symbol: TSEM
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.
First Identified Complaint
Brandon Walker, et al. v. Tower Semiconductor Ltd., et al.