A class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of persons who purchased or otherwise acquired publicly traded securities of Semtech Corp. between September 11, 2002 and July 19, 2006, inclusive.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that Defendants artificially inflated Semtech’s previously reported financial results through an improper stock option backdating scheme that was perpetrated at the highest levels of the Company. Defendants carried out this scheme by intentionally manipulating the grant date of stock options awarded to themselves and other officers and directors of the Company, selecting dates on which Semtech’s stock was trading at a much lower price than the actual date of grant. In public disclosures, however, Defendants falsely claimed that the grants were dated and priced as of the date of the actual grant.
If you bought Semtech securities between September 11, 2002 and July 19, 2006, inclusive, you may qualify to serve as Lead Plaintiff. Lead Plaintiff papers must be filed with the court no later than October 19, 2007.