NEW YORK, Aug. 9, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP announces the filing of a class action lawsuit against SemiLEDs Corporation ("SemiLEDs" or the "Company") (Nasdaq:LEDS) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of SemiLEDs between December 9, 2010 and July 12, 2011 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased SemiLEDs securities during the Class Period, you have until September 9, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
SemiLEDs Corporation engages in the development, manufacture, and sale of light emitting diode (LED) chips and LED components. Its products are used primarily for general lighting applications, including street lights and commercial, industrial, and residential lighting, as well as specialty industrial applications, such as ultraviolet (UV) applications, curing of polymers, LED light therapy in medical/cosmetic applications, counterfeit detection, and LED lighting for horticulture applications.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business prospects, and operations. Specifically, the complaint alleges, among other things, that SemiLEDs misrepresented and failed to adequately disclose: (a) that the Company was experiencing known, but undisclosed, pricing pressures for its products which were reasonably likely to result in a material adverse effect on SemiLEDs' future revenues and operating income; (b) that the Company failed to disclose known events or uncertainties, including the reduction in demand for its products, the loss of a large customer, and the decline in the value of its inventory that had or were reasonably likely to cause SemiLED's financial information not to be indicative of future operating results; and (c) that the Company had filed a false and misleading Registration Statement and Forms 10-Q with the SEC.
On July 10, 2011, SemiLEDs issued a press release announcing its financial results for its 2011 third quarter ended May 31, 2011. For the quarter, the Company reported revenue of $5.6 million, down 43% from the previous year's third quarter, and a net loss of $5.1 million, or $0.19 per diluted common share. The Company's results for the quarter were adversely impacted by a $1.1 million inventory charge during the quarter, an amount equal to more than 7% of the value of the Company's total inventory at February 28, 2011. On this new announcement, SemiLEDs' stock price fell nearly 11%, or $0.71 per share, to close at $5.87 per share on July 12, 2011.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
rswilloughby@pomlaw.com
