Tower Semiconductor Ltd. is an Israeli company that manufactures integrated circuits using specialty process technologies.

According to the law firm press release, the lawsuit alleges that 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.