Shareholder Class Action Filed Against Infineon Technologies AG by the Law Firm of Schiffrin & Barroway, LLP
October 04 2004 - 5:15PM
PR Newswire (US)
Shareholder Class Action Filed Against Infineon Technologies AG by
the Law Firm of Schiffrin & Barroway, LLP BALA CYNWYD, Pa.,
Oct. 4 /PRNewswire/ -- The following statement was issued today by
the law firm of Schiffrin & Barroway, LLP: Notice is hereby
given that a class action lawsuit was filed in the United States
District Court for the Northern District of California on behalf of
all securities purchasers of Infineon Technologies AG (NYSE:IFX)
("Infineon" or the "Company") from March 13, 2000 through September
15, 2004 inclusive (the "Class Period"). 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
Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J.
Check, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via
e-mail at . The complaint charges Infineon, Ulrich Schumacher,
Peter Bauer, and Peter J. Fischl with violations of Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5
promulgated thereunder. More specifically, the complaint alleges
that the Company failed to disclose and misrepresented the
following material adverse facts which were known to defendants or
recklessly disregarded by them: (1) that the Company entered into
and engaged in a combination and conspiracy in the United States
and elsewhere to suppress and eliminate competition by fixing the
prices of Dynamic Random Access Memory ("DRAM") to be sold to
original manufacturers of personal computers and servers; (2) that
as a result of the price fixing, the Company was able to maintain
higher profit margins; (3) that as a consequence of the foregoing,
the Company's announced financial results were in violation of
generally accepted accounting principles ("GAAP"); and (4) that the
Company's financial results were materially inflated at all
relevant times. On September 15, 2004, Infineon announced that it
had reached an agreement with the United States Department of
Justice - Antitrust Division ("DoJ") to plead guilty to a single
and limited charge related to the violation of US antitrust laws in
connection with the pricing in its DRAM business between July 1,
1999 and June 15, 2002. Under the terms of the agreement, Infineon
had agreed to pay a fine of $160 million, an amount fully covered
by the Company's recent third quarter accrual. On this news, shares
of Infineon fell $.21 per share, or 2.04 percent, on September 15,
2004, to close at $10.07 per share. Plaintiff seeks to recover
damages on behalf of class members and is represented by the law
firm of Schiffrin & Barroway, which prosecutes class actions in
both state and federal courts throughout the country. Schiffrin
& Barroway is a driving force behind corporate governance
reform, and has recovered in excess of a billion dollars on behalf
of institutional and high net worth individual investors. For more
information about Schiffrin & Barroway, or to sign up to
participate in this action online, please visit
http://www.sbclasslaw.com/. If you are a member of the class
described above, you may, not later than November 29, 2004 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. Under
certain circumstances, one or more class members may together serve
as "lead plaintiff." Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff. You may retain Schiffrin & Barroway, or other
counsel of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Darren
J. Check, Esq. Three Bala Plaza East, Suite 400 Bala Cynwyd, PA
19004 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at
DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz,
Esq. or Darren J. Check, Esq., Schiffrin & Barroway, LLP,
+1-888-299-7706 (toll free) or +1-610-667-7706, or e-mail: Web
site: http://www.sbclasslaw.com/
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