United Microelectronics Corporation : American Depositary Shares Securities Litigation
On or around 07/27/2020 (Date of stipulation and/or agreement of settlement)
Filing Date: March 14, 2019
According to the Complaint, United Microelectronics Corporation ("UMC" or the "Company") provides semiconductor wafer foundry solutions.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding UMC’s business, operational 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.
Company & Securities Information
Defendant: United Microelectronics Corporation
Ticker Symbol: UMC
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.
First Identified Complaint
Kevin D. Meyer, et al. v. United Microelectronics Corporation, et al.