Glancy Prongay & Murray LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Against Aixtron SE
January 20 2016 - 10:30AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) reminds investors that
it has filed a class action complaint in the United States District
Court for the Southern District of New York on behalf of a class of
Aixtron SE (“Aixtron” or the “Company”) (Nasdaq: AIXG) investors
who purchased shares between September 25, 2015 and December 9,
2015, inclusive (the “Class Period”). Aixtron investors are
encouraged to contact GPM to discuss their legal rights.
On October 13, 2015, the Company issued a press release
disclosing that it was revising its previously issued revenue
guidance for the full year 2015 from 220 million – 250 million EUR
down to 190 million - 200 million EUR due to “a postponement of
shipments to a large Chinese customer which were planned for
delivery in 2015.” The Company also announced that “[t]hese
deliveries are now expected for 2016 depending on the progress of
the ongoing milestone based qualification process.”
On this news the Company’s American Depository Receipts (“ADRs”)
fell $0.84 per ADR, or 12.8%, to close on October 13, 2015, at
$5.71 per ADR, on high trading volume.
Then, on December 9, 2015, the Company issued a press release
announcing that it had “reached an agreement with its Chinese
customer San’an Optoelectronics regarding a substantial reduction
in the volume of AIX R6 MOCVD systems ordered from 50 to the three
which have already been delivered.” The Company also disclosed that
“the customer’s specific qualification requirements were not
achieved.”
On this news the Company’s ADRs fell $3.05 per ADR, or 40%, over
two trading days, to close at $4.49 per ADR on December 10, 2015,
on unusually high trading volume.
The complaint charges Aixtron and certain of its officers with
violations of the federal securities laws. Specifically, the
complaint alleges that throughout the Class Period, defendants
failed to disclose: (1) that the AIX R6 MOCVD systems that were to
be shipped to the Company’s large Chinese customer (San’an
Optoelectronics) did not meet the customer’s specific qualification
requirements; (2) that, as such, the Company’s agreement with
San’an Optoelectronics to ship 50 of the Company’s AIX R6 MOCVD
systems to San’an Optoelectronics was unlikely to be executed; (3)
that the impending failure to execute the original agreement would
have a substantial negative impact on the Company’s prospects; and
(4) that, as a result of the foregoing, Defendants’ statements
about Aixtron’s business, operations, and prospects, were false and
misleading and/or lacked a reasonable basis.
If you purchased shares of Aixtron during the Class Period you
may move the Court no later than March 4, 2016 to request
appointment as lead plaintiff, or if you have information or would
like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire,
of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California
90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160120005430/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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