Lawsuit Overview
December 30, 2016 - The court granted defendants' motion to dismiss.
August 5, 2016 - A motion to dismiss the amended complaint was filed.
June 8, 2016 - An amended complaint.
January 4, 2016 - An investor in American Depositary Receipts (ADRs) of AIXTRON SE (NASDAQ: AIXG) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by AIXTRON SE in connection with certain allegedly false and misleading statements made between September 25, 2014 and December 9, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of AIXTRON SE (ADR) (NASDAQ: AIXG) common shares between September 25, 2014 and December 9, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between September 25, 2014 and December 9, 2015 the defendants allegedly failed to disclose that the AIX R6 MOCVD systems that were to be shipped to the Company’s large Chinese customer (San’an Optoelectronics) did not meet the customer’s specific qualification requirements, that, as such, the Company’s agreement with San’an Optoelectronics to ship 50 of the Company’s AIX R6 MOCVD systems to San’an Optoelectronics was unlikely to be executed, that the impending failure to execute the original agreement would have a substantial negative impact on the Company’s prospects, and thaat, as a result of the foregoing, Defendants’ statements about AIXTRON SE’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
AIXTRON SE (ADR) reported that its annual Total Revenue rose from EUR182.8million to EURO193.80 million in 2014 and that its Net Loss declined from EUR101.02 million in 2013 declined to EUR62.51 million in 2014.
On October 13, 2015, AIXTRON SE disclosed that it was revising its previously issued revenue guidance for the full year 2015 from 220 million – 250 million EUR down to 190 million - 200 million EUR due to “a postponement of shipments to a large Chinese customer which were planned for delivery in 2015.” AIXTRON SE also announced that “[t]hese deliveries are now expected for 2016 depending on the progress of the ongoing milestone based qualification process.”
On December 9, 2015, AIXTRON SE disclosed that it has reached an agreement with its Chinese customer San'an Optoelectronics regarding a substantial reduction in the volume of AIX R6 MOCVD systems ordered from 50 to the three which have already been delivered. AIXTRON SE said that despite the efforts made by both parties, the customer's specific qualification requirements were not achieved. Shares of AIXTRON SE (ADR) (NASDAQ: AIXG) declined to as low as $4.12 per share on December 18, 2015.
On January 4, 2016, NASDAQ: AIXG shares closed at $4.36 per share.