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According to the complaint, AIXTRON provides deposition equipment to the semiconductor industry. The company’s business activities include developing, producing and installing equipment for the deposition of semiconductor materials, process engineering, consulting, and training.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, the complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose: (1) 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; (2) 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; (3) that the impending failure to execute the original agreement would have a substantial negative impact on the company’s prospects; and (4) that, as a result of the foregoing, Defendants’ statements about AIXTRON’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
The Class Period commences on September 25, 2014, when AIXTRON issued a press release entitled, “AIXTRON receives large multiple tool order from China; San’an Optoelectronics expands production capacity with AIXTRON’s Next Generation tool.”
According to the complaint, on October 13, 2015, AIXTRON issued a press release disclosing 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.” The company also announced that “[t]hese deliveries are now expected for 2016 depending on the progress of the ongoing milestone based qualification process.” Following this news the company’s American Depository Receipts (“ADRs”) fell $0.84 per ADR, or 12.8%, to close on October 13, 2015, at $5.71 per ADR, on high trading volume.
Then, on December 9, 2015, AIXTRON issued a press release announcing that it had “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 also disclosed that “the customer’s specific qualification requirements were not achieved.” Following this news the company’s ADRs fell $3.05 per ADR, or 40%, over two trading days, to close at $4.49 per ADR on December 10, 2015, on unusually high trading volume.
If you are a member of the class described above, you may no later than March 4, 2016, move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706