A lawsuit was filed on behalf of investors in United Microelectronics Corporation (NYSE: UMC) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 03/25/2019 -- An investor, who purchased shares of United Microelectronics Corporation (NYSE: UMC), filed a lawsuit over alleged Securities Laws violations by United Microelectronics Corporation.
Investors who purchased shares of United Microelectronics Corporation (NYSE: UMC) have certain options and for certain investors are short and strict deadlines running. Deadline: May 13, 2019. NYSE: UMC investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Taiwan based United Microelectronics Corporation provides semiconductor wafer foundry solutions. At all relevant times, one of United Microelectronics Corporation's primary competitors has been Micron Technology, Inc., a leading U.S. semiconductor company known for its development and production of DRAM products.
On May 13, 2016, United Microelectronics Corporation announced that it had entered into a Dynamic Random-Access Memory ("DRAM") Technology Cooperation Agreement with Fujian Jianhua Integrated Circuit Co. Ltd. ("Fujian"). Under the agreement, Fujian was to provide Microelectronics Corporation with related equipment for its research and development, as well as service fees subject to the progress of the technology development. United Microelectronics Corporation was to develop DRAM related technologies for Fujian and deliver such development results to Fujian before May 12, 2021. The developed technologies were to be jointly owned by both parties. United Microelectronics Corporation reported that its annual Total Revenue rose from over 149.28 billion TWD in 2017 to over 151.25 billion TWD in 2018 and that its Net Income declined from over 9.67 billion TWD in 2017 to over 7.07 billion TWD in 2018.
On November 1, 2018, the U.S. Department of Justice indicted United Microelectronics Corporation for industrial espionage. The indictment stated that United Microelectronics Corporation and another company conspired to steal trade secrets from U.S. semiconductor company Micron Technology, Inc. relating to its research and development of memory storage devices.
Shares of United Microelectronics Corporation (NYSE: UMC) declined from $3.09 per share in June 2018 to as low as $1.64 per share on November 13, 2018.
The plaintiff claims that between October 28, 2015 and November 1, 2018, the Defendants made false and/or misleading statements and/or failed to disclose that United Microelectronics Corporation conspired with Fujian to steal trade secrets from Micron relating to its research and development of DRAM, that United Microelectronics Corporation hired former Micron employees for the purpose of stealing such information from Micron, that the foregoing conduct placed UMC and certain of its employees at an increased risk of criminal and regulatory investigation by the U.S. government, and that as a result, United Microelectronics Corporation's public statements were materially false and misleading at all relevant times.
Those who purchased shares of United Microelectronics Corporation (NYSE: UMC) have certain options and should contact the Shareholders Foundation.
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