A Deadline is coming up on September 9, 2013 in lawsuit for investors in SemiLEDs Corporation (NASDAQ:LEDS) and NASDAQ:LEDS stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 09/09/2013 -- A deadline is coming up on September 9, 2013 in the lawsuit filed for investors of SemiLEDs Corporation (NASDAQ:LEDS) over alleged securities laws violations in connection with certain allegedly false and misleading statements made by SemiLEDs Corporation between December 9, 2010 and July 12, 2011.
Investors who purchased shares of SemiLEDs Corporation (NASDAQ:LEDS) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of purchasers of SemiLEDs Corporation (NASDAQ:LEDS) common stock during the period between December 9, 2010 and July 12, 2011, that SemiLEDs Corporation and certain of its officers violated the Securities Exchange Act of 1934.
More specifically, the plaintiff alleges that defendants allegedly failed to disclose that SemiLEDs Corporation was experiencing known, but undisclosed, pricing pressures for its products which were reasonably likely to have a material adverse effect on SemiLEDs' future revenues and operating income, that known events or uncertainties, including the reduction in demand for SemiLEDs’ products, the likely (and ultimate) loss of a large customer, and the decline in the value of SemiLEDs’ inventory, were reasonably likely to cause SemiLED's financial information not to be indicative of future operating results, that SemiLEDs Corporation's disclosure controls were materially deficient and its representations concerning them were materially false and misleading, that the certifications issued by defendants associated with the Company's disclosure controls were materially false and misleading, and that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about SemiLEDs Corporation, and its then current business and future financial prospects.
On July 7, 2011 SemiLEDs Corporation reported its third quarter of Fiscal Year 2011 Financial Results and on November SemiLEDs Corporation reported its fourth quarter and fiscal year end 2011 financial results.
Shares of SemiLEDs Corporation declined from almost $30 in the end of 2010 to under $3 in the end of 2011.
NASDAQ:LEDS shares closed on September 6, 2013 at $0.916 per share.
Those who purchased shares of SemiLEDs Corporation have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego