Shareholders Foundation, Inc.

NYSE:AMD Investor Files Lawsuit Against Advanced Micro Devices, Inc. over Alleged Misleading Statements

A lawsuit was filed on behalf of investors in Advanced Micro Devices, Inc. (NYSE:AMD) shares over alleged securities laws violations. Deadline: March 17, 2014. NYSE:AMD investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 
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San Diego, CA -- (SBWIRE) -- 01/21/2014 -- An investor, who purchased shares of Advanced Micro Devices, Inc. (NYSE:AMD), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Advanced Micro Devices, Inc. in connection with certain allegedly false and misleading statements made between October 27, 2011 and October 18, 2012.

If you purchased shares of Advanced Micro Devices, Inc. (NYSE:AMD), you have certain options and for certain investors are short and strict deadlines running. Deadline: March 17, 2014. NYSE:AMD investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554

According to the complaint the plaintiff alleges on behalf of a all persons or entities who purchased or otherwise acquired securities of Advanced Micro Devices, Inc. (NYSE:AMD) between October 27, 2011 and October 18, 2012, that Advanced Micro Devices, Inc. and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that the defendants made allegedly false statements and/or concealed adverse facts regarding Advanced Micro Devices Inc’s 32 nanometer Llano (the “Llano”) Accelerated Processing Unit (“APU”), which is a type of microprocessor that combines Advanced Micro Devices Inc’s central processing unit and its graphics processing unit onto a single piece of silicon, including repeatedly highlighting the “strong” and “significant” interest in, demand for, and unit shipments of, the Llano APUs, and falsely and misleadingly representing that Advanced Micro Devices Inc’s desktop business was in a “strong position” and that it would “continue to rebound” in 2012 and that as a result of defendants’ statements, Advanced Micro Devices Inc stock traded at allegedly artificially inflated prices between October 27, 2011 and October 18, 2012/

On October 27, 2011, Advanced Micro Devices, Inc. reported its third quarter results. Then on January 24, 2012, Advanced Micro Devices, Inc. reported its fourth quarter and annual results. Advanced Micro Devices, Inc. reported that its Total Revenue rose from over $6.49 billion for the 52 weeks period that ended on Dec. 25, 2010 to over $6.56 billion for the 52 weeks period that ended on Dec. 31, 2011 and that its respective Net Income increased from $471 million to $491 million.

Shares of Advanced Micro Devices, Inc. grew from $4.72 per share on October 21, 2011 to as high as $8.20 per share on March 16, 2012.

The plaintiff claims that in July 2012, Advanced Micro Devices, Inc. announced that weak demand for Llano APUs in desktop devices, particularly in its Chinese and European markets, had resulted in Advanced Micro Devices Inc’s reporting of lower than expected revenue for the June 30, 2012 quarter.

Then on October 18, 2012, Advanced Micro Devices, Inc. reported its third quarter results and announced a restructuring plan designed to reduce operating expenses and better position the company competitively.

Shares of Advanced Micro Devices, Inc. (NYSE:AMD) declined to as low as $1.86 per share on November 16, 2012.

On January 22, 2013, Advanced Micro Devices, Inc. reported its fourth quarter 2012 and annual results. Advanced Micro Devices, Inc. reported that its Total Revenue declined from over $6.56 billion for the 52 weeks period that ended on Dec. 31, 2011 to over $5.42 billion for the 52 weeks period that ended on Dec. 29, 2012 and that its Net Income of $491 million for the 52 weeks period that ended on Dec. 31, 2011 decreased to a Net Loss of over $1.18 billion for the 52 weeks period that ended on Dec. 29, 2012.

Those who purchased shares of Advanced Micro Devices, Inc. have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com