An investigation on behalf of investors of United Microelectronics Corporation (NYSE: UMC) shares over potential securities laws violations by United Microelectronics and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of United Microelectronics Corporation (NYSE: UMC) concerning whether a series of statements by United Microelectronics regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Taiwan based United Microelectronics Corporation provides semiconductor wafer foundry solutions. United Microelectronics Corporation reported that its annual Total Revenue rose from over 149.28 billion TWD in 2017 to over 151.25 billion TWD in 2018 and that its Net Income declined from over 9.67 billion TWD in 2017 to over 7.07 billion TWD in 2018.

On November 1, 2018, the U.S. Department of Justice indicted United Microelectronics Corporation for industrial espionage. The indictment stated that United Microelectronics Corporation and another company conspired to steal trade secrets from U.S. semiconductor company Micron Technology, Inc. relating to its research and development of memory storage devices.

Shares of United Microelectronics Corporation (NYSE: UMC) declined from $3.09 per share in June 2018 to as low as $1.64 per share on November 13, 2018.