NEW YORK, March 18, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC announces to investors
that a class action lawsuit has been filed against United Microelectronics Corp. (“UMC” or the “Company”) (NYSE: UMC) and
certain of its officers, on behalf of shareholders who purchased or otherwise acquired UMC securities during the period between
October 28, 2015 and November 1, 2018, inclusive (the “Class Period”). Such investors are encouraged to join this case by
visiting the firm’s site: www.bgandg.com/umc.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the
Securities Exchange Act of 1934.
The Complaint alleges that Defendants made materially false and misleading statements and/or failed to disclose that: (1)
UMC conspired with Fujian to steal trade secrets from Micron relating to its research and development of DRAM; (2) UMC hired former
Micron employees for the purpose of stealing such information from Micron; (3) the foregoing conduct placed UMC and certain of its
employees at an increased risk of criminal and regulatory investigation by the U.S. government; and (4) as a result, UMC’s public
statements were materially false and misleading at all relevant times.
On November 1, 2018, the U.S. Department of Justice (“DOJ”) indicted UMC, Fujian, and Chen Zhengkun a.k.a. Stephen Chen
(“Chen”), a former Micron employee hired by UMC, for conspiracy to commit economic espionage, conspiracy to commit theft of trade
secrets, and economic espionage (receiving and possessing stolen trade secrets). The indictment stated that the companies
conspired to steal trade secrets from Micron relating to its research and development of memory storage devices. According to
the indictment, the conspiracy to commit economic espionage began in or around January 2016, the conspiracy to commit theft of
trade secrets began in or about October 2015, and the economic espionage (receiving and possessing stolen trade secrets) began in
or about February 2016.
According to the DOJ’s indictment, Chen, a Taiwanese national, resigned as the President of Micron’s subsidiary, Micron Memory
Taiwan Co., Ltd. (“MMT”), in July 2015. Thereafter, Chen began working for UMC as its Senior Vice President and Fabrication
Director in Taiwan in September 2015. According to the indictment, Chen, as well as agents of UMC, later hired additional
former employees of Micron who stole Micron trade secrets and, at the direction of UMC employees, used such trade secrets to
enhance UMC’s DRAM technologies. As news of UMC’s indictment reached the market, UMC’s ADS price fell by $0.19 per share, or nearly
10%, over the following two trading sessions to close at $1.71 per share on November 5, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site:
www.bgandg.com/umc or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst,
Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in United Microelectronics you have
until May 13, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't
require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action
security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration.
Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
