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MEMC Electronic Materials Inc (NYSE: WFR) Investor Securities Class Action Lawsuit 09/16/2008

  • If you purchased shares of MEMC Electronic Materials Inc (NYSE: WFR), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
MEMC Electronic Materials Inc
Security
NYSE: WFR

Case Name
MEMC Electronic Materials Shareholder Class Action Lawsuit 09/16/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Missouri

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

June 17, 2011 - The U.S. Court of Appeals for the Eighth Circuit ordered the judgment of the district court is affirmed and the case is dismissed.
March 31, 2010 - The lead plaintiff filed a notice of appeal.

March 8, 2010 - The court granted the defendants' motion to dismiss and ordered the case dismissed with prejudice.

April 10, 2009 - Defendants filed a motion to dismiss.

February 23, 2009 - The lead plaintiff filed an amended consolidated complaint.

December 12, 2008 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

November 17, 2008 - Lead plaintiff motions were filed.

September 16, 2008 - An investor in shares of MEMC Electronic Materials Inc (formerly NYSE: WFR now trading on the NYSE sheets as SUNE due to company name change to SunEdison Inc) filed a lawsuit in the U.S. District Court for the Eastern District of Missouri against MEMC Electronic Materials Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff charges MEMC Electronic Materials Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between June 13, 2008 and July 23, 2008 defendant issued materially false and misleading statements regarding MEMC Electronic Materials Inc's business and financial results.

In the complaint the plaintiff alleges that defendants failed to disclose problems MEMC Electronic Materials Inc was encountering at its production facilities in Italy and Texas and that because of such production issues, MEMC Electronic Materials Inc’s financial results for the quarter ending June 30, 2008 would be below target. Then on July 23, 2008, MEMC Electronic Materials Inc first disclosed that in early June 2008 there was a premature failure of a relatively new heat-exchanger at the MEMC Electronic Materials Inc’s Merano, Italy facility which caused second quarter polysilicon output to be reduced by approximately 5% and at approximately the same time on June 13, 2008 the MEMC Electronic Materials Inc’s Pasadena, Texas production facility had to be significantly shut down for approximately a week because of a fire, so the lawsuit.

The plaintiff alleges that the defendants failed to disclose these material production problems to investors and the impact they would have on the its financial results until July 23, 2008 and as a result to this news, the shareholder alleges that the price of MEMC Electronic Materials Inc shares declined 22%, from $53.80 per share to $42.23 per share on much heavier than usual trading volume.