COMPANY |
ASML Holding N.V. |
COURT |
United States District Court for the Southern District of New York |
CASE NUMBER |
24-cv-08664 |
JUDGE |
The Hon. Naomi Reice Buchwald |
CLASS PERIOD |
January 24, 2024 through October 15, 2024 |
SECURITY TYPE |
Ordinary Shares |
Case Background:
Based in the Netherlands, ASML is one of the world’s leading manufacturers of photolithography machinery that is an essential component in the fabrication of semiconductor chips. These machines, which the company sells to chip manufacturers around the world, use powerful lasers to create the tiny integrated circuitry embedded on computer chips.
The complaint alleges that, throughout the Class Period, Defendants made numerous material misrepresentations and omissions regarding ASML’s growth prospects and the strength of demand for its chip-building machinery, as well as the expected impact of new regulations restricting the export of chip-making technology. Specifically, Defendants repeatedly reiterated ASML’s optimistic financial targets for 2025, and claimed that the company was poised to deliver on those targets due to an expected strong year in 2025 driven by several factors, including the increased proliferation of artificial intelligence and a significant number of new semiconductor chip manufacturing plants being built around the world. The company also downplayed concerns about the impact that tighter export regulations would have on ASML’s business, with ASML’s Chief Financial Officer assuring investors: “one thing is for sure, China will remain very strong in our numbers also in 2024.” As a result of these misrepresentations, ASML ordinary shares traded at artificially inflated prices during the Class Period.
Current Status of Case:
On November 14, 2024, Named Plaintiffs filed the Initial Complaint. This action is ongoing.
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