Please list your purchase and sale transaction(s) for Tower Semiconductor Ltd. (“Tower Semiconductor”) (NASDAQ: TSEM) between April 30, 2012 and January 13, 2016, inclusive (the “Class Period”):
Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired shares of Tower Semiconductor Ltd. (“Tower Semiconductor”) (NASDAQ: TSEM) between April 30, 2012 and January 13, 2016, inclusive (the “Class Period”).
According to the complaint, Tower Semiconductor is an independent semiconductor foundry, which manufactures analog intensive mixed-signal semiconductor devices in the United States, Asia, and Europe.
The complaint alleges that throughout the Class Period, the defendants made materially false and misleading statements pertaining to the company’s business, operational and financial results, which were known to the defendants or recklessly disregarded by them. Specifically, the complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that: (1) the value of net tangible assets of the acquisition of TJP from Micron was artificially inflated; (2) the value of net tangible assets of the acquisition of 51% of TPSCo from Panasonic was artificially inflated; (3) the Series F Debentures were incorrectly accounted for to understate debt; and (4) as a result, the defendants’ statements about Tower Semiconductor’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
The Class Period commences on April 30, 2012, when the company filed its annual report on Form 20-F for the year ending December 31, 2011.
According to the complaint, on January 14, 2016, analyst firm Spruce Point Capital Management issued a report about the company asserting, among other things, that: (1) the value of net tangible assets of the acquisition of TJP appears artificially inflated to $82 million; (2) the value of net tangible assets of the acquisition of 51% in TPSCo was artificially inflated to $181 million; (3) the company’s improper accounting treatment for the Series F Debentures resulted in its equity being inflated by approximately $50 million as of the third quarter of 2012.
Following this news, share of Tower Semiconductor fell $1.23 per share or approximately 10% to close at $11.24 per share on January 14, 2016, damaging investors.
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