A law firm recently filed a securities class action lawsuit on behalf of shareholders of a technology company, after allegations of securities law violations surfaced.
The law office of Robbins Geller Rudman and Dowd, LLP, registered the litigation in the U.S. District Court for the Northern District of California against Advanced Micro Devices, Inc.. This was for those shareholders who purchased company stock during the class period between Oct. 27, 2011, and Oct. 18, 2012.
Multiple issues were listed as allegations against the tech company, all having to do with its officers and board of directors potentially violating the Securities Exchange Act of 1934. Specifically, the company's leaders may have made statements that were not entirely true about business prospects, especially related to the 32 nanometer Llano Accelerated Processing Unit. This was because the company continued to assure shareholders that the device's business was in good shape, thus inflating stock prices.
During the quarter ending June 30, 2012, the firm released information showing that demand for the product was weaker than expected, which made its stock slide more than 25 percent. Additionally, it had another 17 percent drop after further disclosure of previous overvaluing.
Shareholders who have an interest in becoming lead plaintiff were urged by the law firm to speak with the court and file the proper paperwork within 60 days of the filing date.
It is also possible for stockholders who have questions or concerns to address the law firm. Whether looking for more detail on the case, or how it will effect rights, speaking with Darren Robbins by phone or email is possible. Another option is to visit the law office's website, where a copy of the complaint is available.
Second lawsuit announced
Another law firm investigated the company on behalf of shareholders, eventually filing a class action claim in the same court.
Levi and Korsinsky noted that it created litigation for the same class period for many of the same reasons. It also noted that any shareholders who want to become lead plaintiff need to take action by March 16, 2014.
For those who have questions or concerns regarding the lawsuit, it is possible to speak with the law firm. Joseph Levi is available to field questions over the phone or by email. It is also possible to check the law office's website to gain more information.