NEW YORK, NY / ACCESSWIRE / May 13, 2019 / Bronstein, Gewirtz & Grossman, LLC announces 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. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC