Lawsuit Overview
Settlement Overview
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August 10, 2011 - The court ordered the authorization of the distribution of the net settlement fund.
November 19, 2009 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
August 26, 2009 - The court preliminarily approved the settlement.
July 16, 2009 - Parties filed a stipulation of settlement.
October 23, 2007 - The lead plaintiffs filed a notice of appeal.
September 25, 2007 - The court granted the defendants' motions to dismiss.
February 23, 2007 - The defendants filed motions to dismiss.
December 28, 2006 - The court granted the motion to transfer the case to the U.S. District Court for the District of Arizona.
November 21, 2006 - The lead plaintiffs filed a second amended complaint.
August 14, 2006 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased Amkor Technology Inc (NASDAQ: AMKR) common shares between July 26, 2001 and July 26, 2006. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between July 26, 2001 and July 26, 2006.
May 23, 2006 - All cases were consolidated.
May 19, 2006 - The lead plaintiffs and lead counsel were appointed.
March 24, 2006 - Lead plaintiff motions were filed.
March 17, 2006 - The defendants filed a motion to transfer.
February 9, 2006 - An additional investor filed a complaint.
January 27, 2006 - Another investor filed a complaint.
January 23, 2006 - An investor in shares of Amkor Technology Inc (NASDAQ: AMKR) filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania against Amkor Technology Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 27, 2003 and July 1, 2004.
The complaint alleges that between October 27, 2003 and July 1, 2004 defendants issued a series of materially false and misleading statements regarding Amkor Technology Inc’s increasing financial performance. These statements were each materially false and misleading when made because they failed to disclose and/or misrepresented the following adverse facts, among others: (a) that Amkor Technology Inc was stuffing its customers with inventory far in excess of demand for the products and, as a result, customer inventories were rising above historical levels such that future sales would be impacted; (b) that Amkor Technology Inc was experiencing rapidly rising material costs which were far in excess of budgeted material costs, thereby negatively impacting Amkor Technology Inc’s profit margins; (c) that the company had stuffed its distribution channels prior to its note offering in order to artificially inflate Amkor Technology Inc’s operating results so that the company could successfully raise $152 million; and (d) as a result of the foregoing, defendants’ positive statements about Amkor Technology Inc and its business were lacking in a reasonable basis at all times and therefore materially false and misleading.
On April 27, 2004, Amkor Technology Inc issued a press release announcing that the company was experiencing weakness for its cell phone products. Upon this news, the price of Amkor Technology Inc (NASDAQ: AMKR) common stock declined from $13.42 per share to $9.16 per share on extremely heavy trading volume.
On July 1, 2004, Amkor Technology Inc issued a press release announcing that it could not meet its expected guidance for net income in the second quarter of 2004. In response to this announcement the price of Amkor Technology Inc (NASDAQ: AMKR) common stock declined from $8.18 per share to $5.79 per share on extremely heavy trading volume of 17.2 million shares.
The complaint further alleges that on or around August 22, 2005, Amkor Technology Inc issued a press release announcing that the Securities and Exchange Commission (“SEC”) issued a formal order of investigation concerning certain trading in Amkor Technology Inc securities. The SEC investigation relates to transactions in the company’s securities by certain individuals, including certain insiders or former insiders and persons associated with them.
Amkor Technology Inc operates as a subcontractor of semiconductor packaging and test services worldwide. Amkor Technology Inc offers traditional packaging, which includes traditional leadframe products; and advanced packaging, which includes advanced leadframes and laminate products.