Lerach Coughlin Stoia Geller Rudman & Robbins LLP
("Lerach Coughlin") (http://www.lerachlaw.com/cases/amkor/) today
announced that a class action lawsuit has been commenced in the United
States District Court for the Eastern District of Pennsylvania on
behalf of purchasers of Amkor Technology, Inc. ("Amkor") (NASDAQ:
AMKR) common stock during the period between October 27, 2003 and July
1, 2004 (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Samuel H. Rudman or David A. Rosenfeld of Lerach Coughlin at 800/449-4900 or 619/231-1058 or via e-mail at wsl@lerachlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.lerachlaw.com/cases/amkor/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Amkor and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Amkor operates as a subcontractor of semiconductor packaging and test services worldwide. The Company offers traditional packaging, which includes traditional leadframe products; and advanced packaging, which includes advanced leadframes and laminate products.
The complaint alleges that during the class period defendants issued a series of materially false and misleading statements regarding the Company's increasing financial performance. These statements were each materially false and misleading when made because they failed to disclose and/or misrepresented the following adverse facts, among others: (a) that the Company was stuffing its customers with inventory far in excess of demand for the products and, as a result, customer inventories were rising above historical levels such that future sales would be impacted; (b) that the Company was experiencing rapidly rising material costs which were far in excess of budgeted material costs, thereby negatively impacting the Company's profit margins; (c) that the Company had stuffed its distribution channels prior to its note offering in order to artificially inflate the Company's operating results so that the Company could successfully raise $152 million; and (d) as a result of the foregoing, Defendants' positive statements about the Company and its business were lacking in a reasonable basis at all times and therefore materially false and misleading.
On April 27, 2004, Amkor issued a press release announcing that the Company was experiencing weakness for its cell phone products. Upon this news, the price of Amkor common stock declined from $13.42 per share to $9.16 per share on extremely heavy trading volume.
On July 1, 2004, Amkor issued a press release announcing that it could not meet its expected guidance for net income in the second quarter of 2004. In response to this announcement the price of Amkor common stock declined from $8.18 per share to $5.79 per share on extremely heavy trading volume of 17.2 million shares.
Then, on August 22, 2005, Amkor issued a press release announcing that the Securities and Exchange Commission ("SEC") issued a formal order of investigation concerning certain trading in Amkor securities. The SEC investigation relates to transactions in the Company's securities by certain individuals, including certain insiders or former insiders and persons associated with them.
Plaintiff seeks to recover damages on behalf of all purchasers of Amkor common stock during the Class Period (the "Class"). The plaintiff is represented by Lerach Coughlin, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Lerach Coughlin, a 160-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston, Philadelphia and Seattle, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Lerach Coughlin lawyers have been responsible for more than $20 billion in aggregate recoveries. The Lerach Coughlin Web site (http://www.lerachlaw.com) has more information about the firm.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Samuel H. Rudman or David A. Rosenfeld of Lerach Coughlin at 800/449-4900 or 619/231-1058 or via e-mail at wsl@lerachlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.lerachlaw.com/cases/amkor/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Amkor and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Amkor operates as a subcontractor of semiconductor packaging and test services worldwide. The Company offers traditional packaging, which includes traditional leadframe products; and advanced packaging, which includes advanced leadframes and laminate products.
The complaint alleges that during the class period defendants issued a series of materially false and misleading statements regarding the Company's increasing financial performance. These statements were each materially false and misleading when made because they failed to disclose and/or misrepresented the following adverse facts, among others: (a) that the Company was stuffing its customers with inventory far in excess of demand for the products and, as a result, customer inventories were rising above historical levels such that future sales would be impacted; (b) that the Company was experiencing rapidly rising material costs which were far in excess of budgeted material costs, thereby negatively impacting the Company's profit margins; (c) that the Company had stuffed its distribution channels prior to its note offering in order to artificially inflate the Company's operating results so that the Company could successfully raise $152 million; and (d) as a result of the foregoing, Defendants' positive statements about the Company and its business were lacking in a reasonable basis at all times and therefore materially false and misleading.
On April 27, 2004, Amkor issued a press release announcing that the Company was experiencing weakness for its cell phone products. Upon this news, the price of Amkor common stock declined from $13.42 per share to $9.16 per share on extremely heavy trading volume.
On July 1, 2004, Amkor issued a press release announcing that it could not meet its expected guidance for net income in the second quarter of 2004. In response to this announcement the price of Amkor common stock declined from $8.18 per share to $5.79 per share on extremely heavy trading volume of 17.2 million shares.
Then, on August 22, 2005, Amkor issued a press release announcing that the Securities and Exchange Commission ("SEC") issued a formal order of investigation concerning certain trading in Amkor securities. The SEC investigation relates to transactions in the Company's securities by certain individuals, including certain insiders or former insiders and persons associated with them.
Plaintiff seeks to recover damages on behalf of all purchasers of Amkor common stock during the Class Period (the "Class"). The plaintiff is represented by Lerach Coughlin, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Lerach Coughlin, a 160-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston, Philadelphia and Seattle, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Lerach Coughlin lawyers have been responsible for more than $20 billion in aggregate recoveries. The Lerach Coughlin Web site (http://www.lerachlaw.com) has more information about the firm.