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Kulicke and Soffa Industries Inc (NASDAQ: KLIC) Investor Securities Class Action Lawsuit 05/11/2018

  • If you purchased shares of Kulicke and Soffa Industries Inc (NASDAQ: KLIC), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Kulicke and Soffa Industries Inc.
Security
NASDAQ: KLIC

Case Name
Kulicke and Soffa Shareholder Class Action Lawsuit 05/11/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

October 9, 2019 - The court dismissed the case.

July 10, 2018 - Lead plaintiff motions were filed.

May 11, 2018 - An investor in shares of Kulicke and Soffa Industries Inc (NASDAQ: KLIC) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Kulicke and Soffa Industries Inc in connection with certain allegedly false and misleading statements made between November 16, 2017 and May 10, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Kulicke and Soffa Industries Inc (NASDAQ: KLIC) common shares between November 16, 2017 and May 10, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 16, 2017 and May 10, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Kulicke and Soffa Industries Inc's consolidated financial statements for the fiscal year ending September 30, 2017 could no longer be relied upon due to misstated warranty accruals, and that as a result, defendants' public statements were materially false and misleading at all relevant times.

Singapore based Kulicke and Soffa Industries Inc designs, manufactures and sells capital equipment and expendable tools, as well as services, maintains, repairs and upgrades equipment, all used to assemble semiconductor devices. Kulicke and Soffa Industries Inc reported that its Total Revenue rose from $637.19 million for the 53 weeks period that ended on October 1, 2016 to $809.04 million for the 53 weeks period that ended on September 30, 2017 and that its Net Income increased from $47.11 million to $112.01 million over those respective time periods.

On May 10, 2018, during aftermarket hours Kulicke and Soffa Industries Inc revealed that [f]ollowing the end of the fiscal quarter, the Company learned of certain unauthorized transactions by a senior finance employee of the Company. Kulicke and Soffa Industries Inc further disclosed that it discovered that certain warranty accruals in prior periods had been accounted for incorrectly and therefore misstated, and therefore, the Company's previously issued consolidated financial statements for the fiscal year ended September 30, 2017 can no longer be relied upon due to the misstated warranty accruals made in prior periods. As a result, Kulicke and Soffa Industries Inc disclosed that it will be restating its financial statements.