news digest ♦ LEDs Pomerantz Law files class
action against SemiLEDs One of the complaints alleges the company was experiencing known, but undisclosed, pricing pressures for its products which could result adversely on SemiLEDs’ future revenues and operating income
Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against SemiLEDs Corporation and some of its officers.
The class action, filed in United States District Court, Southern District of New York, on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of SemiLEDs between December 9th, 2010 and July 12th, 2011 both dates inclusive (the ‘Class Period’).
This class action seeks to recover damages against SemiLEDs and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated there under.
Shareholders who purchased SemiLEDs securities during the Class Period have until September 9th, 2013 to ask the court to appoint them as Lead Plaintiff for the class.
SemiLEDs Corporation develops, manufactures, and sells LED chips and components. The firm’s products are used primarily for general lighting applications, including street lights and commercial, industrial, and residential lighting, as well as specialty industrial applications, such as ultraviolet (UV) applications, curing of polymers, LED light therapy in medical/ cosmetic applications, counterfeit detection, and LED lighting for horticulture applications.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business prospects, and operations. Specifically, the complaint alleges, among other things, that SemiLED misrepresented and failed to adequately disclose:
(a) that the company was experiencing known, but undisclosed, pricing pressures for its products which were reasonably likely to result in a material adverse effect on SemiLEDs’ future revenues and operating income;
(b) that SemiLED failed to disclose known events or uncertainties, including the reduction in demand for its products, the loss of a large customer, and the decline in the value of its inventory that had or were reasonably likely to cause SemiLEDs’ financial information not to be indicative of future operating results; and (c) that the Company had filed a false and misleading Registration Statement and Forms 10-Q with the SEC.
On July 10th, 2011, SemiLEDs issued a press release announcing its financial results for its 2011 third quarter ended May 31st, 2011. For the quarter, the company reported revenue of $5.6 million, down 43% from the previous year’s third quarter, and a net loss of $5.1 million, or $0.19 per diluted common share.
76
www.compoundsemiconductor.net August/September 2013 Ultratech/Cambridge NanoTech cleanroom
ALD is an enabling technology which provides coatings and material features with significant advantages compared to other existing techniques for depositing precise nanometre-thin films.
This technology is expected to be in high demand in volume manufacturing environments for integrated optics, micro- electro-mechanical systems (MEMs), implantable devices in the biomedical sector and batteries and fuel cells in the energy market.
Ultratech Chairman and Chief Executive Officer Arthur W. Zafiropoulo states, “By creating a new state-of-the-art facility and leveraging the valuable Cambridge NanoTech intellectual property, we have further enhanced our ability to advance the development of next-generation ALD solutions. In addition, we have retained the same team that Cambridge NanoTech customers have worked with in the past. “
SemiLEDs’ results for the quarter were adversely impacted by a $1.1 million inventory charge during the quarter, an amount equal to more than 7 percent of the value of the Company’s total inventory at February 28, 2011. On this new announcement, SemiLEDs’ stock price fell nearly 11%, or $0.71 per share, to close at $5.87 per share on July 12th, 2011.
Ultratech/Cambridge NanoTech branches out in
Massachusetts A new state-of-the-art facility will expand operations for next- generation ALD equipment development and enable leading- edge scientific research
Ultratech, a supplier of lithography, laser-processing and inspection systems used to manufacture semiconductor devices and high-brightness LEDs (HB-LEDs), has moved Ultratech/Cambridge NanoTech to Waltham, Massachusetts.
After acquiring the assets of Cambridge NanoTech last December, Ultratech invested in a new facility to enhance atomic layer deposition (ALD) development. With this new facility, Ultratech/Cambridge NanoTech has now greatly enhanced its capability to develop innovative process technology for ALD applications.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152 |
Page 153 |
Page 154 |
Page 155 |
Page 156 |
Page 157 |
Page 158 |
Page 159 |
Page 160 |
Page 161 |
Page 162 |
Page 163 |
Page 164 |
Page 165 |
Page 166 |
Page 167 |
Page 168 |
Page 169 |
Page 170 |
Page 171 |
Page 172 |
Page 173 |
Page 174 |
Page 175 |
Page 176 |
Page 177 |
Page 178