Micron Faces Two Class Action Lawsuits
Shareholder Class Action Lawsuit Filed Against Micron Technology Inc. by the Law Firm of Schiffrin & Barroway, LLP
A class action lawsuit was filed in the United States District Court for the District of Idaho on behalf of all securities purchasers of Micron Technology Inc. (”Micron” or the “Company”) between February 24, 2001 and February 13, 2003, inclusive (the “Class Period”).
If you wish to discuss this action or have any questions concerning this notice, your rights, or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
Micron Security Holders Files Another Class Action Lawsuit
The legal firm of Schiffrin and Barroway, LLP said late Friday that it had filed a class action lawsuit in federal court in Idaho – Micron is based in Boise, Idaho – on behalf of Micron securities holders between Feb. 24, 2001 and Feb. 13, 2003.
The complaint charges Micron, Wilbur G. Stover, Jr., Steven R. Appleton, and Michael W. Sadler with violations of the Securities Exchange Act of 1934.
the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that Micron engaged in illegal anti-competitive behavior to suppress and eliminate competition by fixing the prices of DRAM sold to OEMs in violation of Section 1 of the Sherman Antitrust Act; (2) that Micron’s financial results throughout the Class Period were materially inflated as a direct result of the price- fixing conspiracy due to the Company’s illegal behavior of price-fixing; and (3) that the Company’s financial projections during the Class Period lacked a reasonable basis because they were issued while the Company involved itself in an illegal price-fixing scheme.
While the Company engaged in an illegal price-fixing scheme, Company insiders sold 132,000 shares for gross proceeds of $4,536,000. Additionally, during the Class Period, the Company issued more than $632 million worth of debt and sold over $480 million worth of warrants and completed numerous stock-for-stock acquisitions.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/.
Source: Finazen & Reed-Electronics
Filed under Class Action, General Law
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