RADNOR, Pa, Jan. 27 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all securities purchasers of Amkor Technology, Inc. ("Amkor" or the "Company") from October 27, 2003 through July 1, 2004 inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or 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
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. It offers traditional packaging, which includes traditional lead frame products; and advanced packaging, which includes advanced lead frames and laminate products. The complaint alleges that defendants issued a series of false and misleading statements to the market artificially inflating the Company's stock. As a consequence of the Company's material inflation of its stock price, the Defendants were able to raise $152 million in a secondary offering and to complete a $250 million note offering. More specifically, the Defendants failed to disclose the following materially adverse facts to the market: (1) that the Company was shipping inventory to customer far in excess of customer demand; (2) as a result of this deliberate channel stuffing, the Company undermined the future demand for its products; (3) that the Company's profit margins were significantly and negatively impacted by the rapidly rising material costs; and (4) that as a consequence of the foregoing, the Company's positive statements about its condition and future prospects were lacking in a reasonable basis.
On April 27, 2004, Amkor announced that the Company was experiencing weakness for its cell phone products. On this news, shares of Amkor fell $4.26 per share, or $31.74 percent, to close, on April 27, 2004, at $9.16 per share. Following this disclosure, on July 1, 2004, Amkor announced that it failed to meet its expected guidance for net income in the second quarter of 2004. On this news, shares of Amkor fell $2.39 per share, or 29.22 percent, to close, on July 1, 2004, at $5.79 per share.
Then, on August 22, 2005, Amkor announced that the SEC issued a formal order of investigation concerning certain trading in Amkor securities.
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/
If you are a member of the class described above, you may, not later than March 24, 2006 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP
Darren J. Check, Esq.
Richard A. Maniskas, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at
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