Investor Alert: The Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Aixtron SE ...
January 25 2016 - 9:30AM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed on behalf of investors who purchased Aixtron
SE ("Aixtron" or the "Company") (Nasdaq: AIXG) between September
25, 2015 and December 9, 2015, inclusive (the “Class Period”).
Injured investors are encouraged to contact the Law Offices of
Howard G. Smith to discuss their legal rights in this class
action.
On October 13, 2015, the Company 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.”
On 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, the Company 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.” The Company also disclosed that
“the customer’s specific qualification requirements were not
achieved.”
On 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.
The complaint charges Aixtron and certain of its officers with
violations of the federal securities laws. Specifically, the
complaint alleges that throughout the Class Period, defendants
failed to disclose that: (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.
If you purchased Aixtron securities during the Class Period you
may move the Court no later than March 4, 2016 to ask the
Court to appoint you as lead plaintiff if you meet certain legal
requirements. To be a member of the Class you need not take any
action at this time; you may retain counsel of your choice or take
no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160125005295/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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