According to the Complaint, United Microelectronics Corporation ("UMC") provides semiconductor wafer foundry solutions.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding UMC’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) UMC conspired with Fujian to steal trade secrets from Micron relating to its research and development of DRAM; (ii) UMC hired former Micron employees for the purpose of stealing such information from Micron; (iii) the foregoing conduct placed UMC and certain of its employees at an increased risk of criminal and regulatory investigation by the U.S. government; and (iv) as a result, UMC’s public statements were materially false and misleading at all relevant times.

On May 23, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on September 27.

On July 8, 2020, the parties informed the Court that they had agreed to settle the case. On July 27, the parties entered into a Stipulation and Agreement of Settlement. On May 3, 2021, the Court granted final approval of the Settlement and entered Final Judgment. The Court issued an Order approving distribution of the net Settlement fund on January 5, 2022.