NEW YORK, Feb. 14, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Atmel Corporation ("Atmel" or the "Company") securities (Nasdaq:ATML) during the period January 20, 2000 to July 31, 2002, both dates inclusive (the "Class Period"). The Complaint names Atmel, George Perlegos, and Donald Colvin as defendants.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee at Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The Complaint alleges that defendants violated the Securities Exchange Act of 1934 by making a series of materially false and misleading statements concerning the Atmel's financial results during the Class Period. In particular, the Complaint alleges that from April 1999 until sometime in 2001, Atmel supplied its key customer, Seagate, with computer chips that were used in the millions of disk drives which Seagate sold to the public. Unbeknownst to Seagate and the investing public, Atmel's chips were defective and caused Seagate's disk drives to fail, as outlined in a lawsuit filed by Seagate at the end of the Class Period.
Additionally, Seagate alleges that it sustained millions of dollars in damages to date as a result of Atmel's defective computer chips, and Seagate's damages continue to grow as the extent of the problem becomes known. During the Class Period, defendants failed to disclose the widespread problem with its computer chips, and in fact, reported record profitability and revenues. As a result of defendants' false and misleading statements the price of Atmel securities was artificially inflated throughout the Class Period, causing plaintiff and the other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Atmel securities during the Class Period described above, you may, no later than April 8, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Sharon Lee of Rabin, Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca