Monday, 23 December 2024 05:45 PM
Class Action
NEW YORK, NY / ACCESSWIRE / December 23, 2024 / Bleichmar Fonti & Auld LLP ("BFA") announces that it has filed a class action lawsuit for violations of the federal securities laws against ASML Holding N.V. ("ASML" or the "Company") and certain of the Company's senior executives. The case is pending in the U.S. District Court for the Southern District of New York and is captioned Matar v. ASML Holding N.V., et al., No. 24-cv-9908 ("Matar").
The Matar complaint is substantially similar to the complaint filed in City of Hollywood Firefighters' Pension Fund v. ASML Holding N.V., et al., No. 24-cv-8664 (S.D.N.Y.) ("City of Hollywood"),which is the first-filed securities class action in this matter. Pursuant to the notice published on November 14, 2024 in connection with the filing of City of Hollywood and the Private Securities Litigation Reform Act of 1995, investors wishing to serve as Lead Plaintiff must file a motion for appointment as Lead Plaintiff by no later than January 13, 2025. The filing of Matar does not alter that deadline.
Matar asserts claims under Sections l0(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of all investors that purchased or otherwise acquired ASML ordinary shares on the Nasdaq, as well as those that purchased call options and/or sold put options on ASML ordinary shares, between January 24, 2024, and October 15, 2024, inclusive (the "Class Period"). This is a broader Class of investors than that asserted in City of Hollywood. Like City of Hollywood, Matar alleges that defendants misrepresented that new export controls on semiconductor technology announced by the Dutch government would not have a material effect on ASML's financial outlook, and that ASML was on a path to recovery in its sales, as described below.
If you suffered a loss on your ASML investments and would like to discuss this matter, please submit your information at https://www.bfalaw.com/cases-investigations/asml-holding-nv.
Why was ASML Sued for Securities Fraud?
ASML is a leading supplier to the semiconductor industry, providing photolithography machines to chipmakers that are used in the semiconductor fabrication process.
The complaint alleges that ASML repeatedly represented to shareholders that new export controls on semiconductor technology announced by the Dutch government would not have a material effect on ASML's financial outlook, and that ASML was on a path to recovery in its sales.
The Truth is Revealed
On October 15, 2024, ASML announced earnings significantly lower than expectations. The Company attributed this to a market that was "taking longer to recover" and admitted that "[i]t now appears the recovery is more gradual than previously expected." On this news, the price of the Company's stock fell 16%, from a closing price of $872.27 per share on October 14, 2024, to $730.43 per share on October 15, 2024.
Then, during the accompanying earnings call with investors on October 16, 2024, the Company attributed the poor earnings results to "a reflection of the slow recovery in the traditional [semiconductor] end markets as customers remain cautious in the current environment." The Company also disclosed that the decline in ASML's sales to China would also negatively impact the Company's gross margins. On this news, the price of the Company's stock fell 6.4%, from a closing price of $730.43 per share on October 15, 2024, to $683.52 per share on October 16, 2024.
What are my Rights?
If you purchased or otherwise acquired ASML ordinary shares on the Nasdaq, purchased call options, or sold put options on ASML ordinary shares between January 24, 2024, and October 15, 2024, inclusive, you may ask the Court no later than January 13, 2025, which is the first business day after 60 days from the date of the publication of the notice in connection with the filing of City of Hollywood, to appoint you as Lead Plaintiff through counsel of your choice. To be a member of the Class, you need not take any action at this time. The ability to share in any potential future recovery is not dependent on serving as Lead Plaintiff.
If you incurred losses on your investments in ASML, you are encouraged to submit your information here: https://www.bfalaw.com/cases-investigations/asml-holding-nv.
You can also contact:
Ross Shikowitz
[email protected]
212-789-3619
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs' Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/asml-holding-nv
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SOURCE: Bleichmar Fonti & Auld LLP