SAN FRANCISCO — A class action lawsuit has been filed against Micron Technology Inc. on behalf of an institutional investor by San Diego law firm Lerach Coughlin Stoia Geller Rudman & Robbins LLP.
The complaint, filed in U.S. District Court for the District of Idaho, alleges that Micron and certain of its officers and directors violated the Securities Exchange Act of 1934.
The complaint alleges that Micron was engaged with other DRAM suppliers in a price-fixing scheme between Feb. 24, 2001, and Feb. 13, 2003. During this period, the complaint alleges, the defendants falsified the company's public statements and financial reporting by concealing the "conspiracy" from the investing public, improperly inflating Micron's earnings. As a result of Micron's alleged participation in illegal price-fixing activities, the company's sales and earnings reports and forecasts issued during this period were false and misleading, the complaint states.
According to the suit, as a result of alleged false and misleading statements, Micron's shares traded at inflated prices, enabling the company to issue more than $632 million worth of debt during 2003, sell more than $480 million worth of warrants and complete numerous stock-for-stock acquisitions using inflated shares as acquisition currency. Insiders also sold approximately $4.5 million worth of personally held Micron stock at inflated prices during the period, the complaint alleges.
The U.S. Justice Department has been investigating allegations of price fixing among DRAM suppliers in the early part of the decade for more than a year. Samsung Electronics pled guilty to price-fixing charges, agreeing to pay a $300 million fine, last October. Hynix Semiconductor agreed to pay a $185 million fine in connection with the probe last year, and Germany's Infineon Technologies AG agreed to pay a $160 million fine in 2004.
A Micron executive in New York state was charged in 2004 in connection with the federal DRAM probe. Micron accepted the executive's resignation.
The class action suit seeks unspecified damages. The plaintiff is named as the City of Roseville Employees' Retirement System.
RSS
Digital
10 emerging technologies to watch:
EE Times has compiled a list of emerging technologies that we think will be worth watching out for in 2010. Biofeedback or thought-control of electronics are among the contenders.
Hot applications in 2010:
We've compiled a list of 10 technology applications you should watch for in 2010, ranging from e-book readers to 3-D TVs. We examine the features that make these apps so compelling as well unresolved issues.
Top 25 predictions for semis in 2010:
2010 is just beginning to unfold in the electronics industry. Looking into our crystal ball, we have released our own chip forecasts--and other predictions--for 2010.
Seven things to fix in 2010:
The editors of EE Times came up with their own informal list of things we hope engineers fix in 2010, spanning everything from nano-lithography to space travel. What do you want to see get done this year?
'09 moves that are shaping the future:
This was a brutal year, but the industry gets a nod for showing grace under fire. Here's our Top 10 guide to the coming year, illustrating what to expect in 2010.
10 CEOs out in 2009:
It's been a tough year for the global electronics industry and CEOs. We survey the dismissal of 10 industry CEOs during the first three quarters of 2009 and what's ahead for the rest of the year.
Notable women in microelectronics:
There is no better time than a global economic recession to examine the keys to successful corporate governance. So, EE Times has compiled an international list that celebrates women who are business and technology leaders in semis.
EE Times updates Silicon 60:
Seventeen companies have been added to the lastest version of our Silicon 60 list of emerging startups. Forty-three companies survived as emerging companies that are still worth watching.
RSS| 
Digital| 
Mobile
