BENSALEM, Pa.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24UMC&src=ctag” target=”_blank”gt;$UMClt;/agt; lt;a href=”https://twitter.com/hashtag/classaction?src=hash” target=”_blank”gt;#classactionlt;/agt;–Law Offices of Howard G. Smith reminds investors of the upcoming May
13, 2019 deadline to file a lead plaintiff motion in the class
action filed on behalf of investors who purchased United
Microelectronics Corporation (“UMC” or the “Company”) (NYSE: UMC)
securities between October 28, 2015 and November 1, 2018,
inclusive (the “Class Period”).
Investors suffering losses on their UMC investments are encouraged to
contact the Law Offices of Howard G. Smith to discuss their legal rights
in this class action at 888-638-4847 or by email to [email protected].
On November 1, 2018, UMC was indicted by the U.S. Department of Justice
on charges of conspiracy to commit theft of trade secrets and economic
espionage. The charges issued were in relation to a conspiracy by UMC to
steal trade secrets from its competitor in the electronic industry
Micron Technology, Inc. by hiring former employees of Micron who then
provided the stolen trade secrets to UMC. The trade secrets were then
used in relation to a DRAM project UMC had entered with Fujian Jianhua
Integrated Circuit Co. Ltd. in May 2016, in which technology developed
by UMC would be owned jointly by both parties.
On this news, the Company’s share price fell $0.19 per share or over 10%
over two days of trading to close at $1.71 on November 5, 2018, thereby
injuring investors.
The complaint filed in this class action alleges that throughout the
Class Period, Defendants made materially false and misleading statements
regarding the Company’s business, operational and compliance policies.
Specifically, Defendants made false and/or 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 Dynamic
Random-Access Memory (“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.
If you purchased shares of UMC during the Class Period you may move the
Court no later than May 13, 2019 to ask the Court to
appoint you as lead plaintiff if you meet certain legal requirements. To
be a member of the class action 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 action. If you wish to learn more about
this class 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 [email protected],
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
