NEW YORK, July 2, 2003 (PRIMEZONE) -- A class action Complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Atmel Corporation ("Atmel" or the "Company") securities (Nasdaq:ATML) between February 4, 2000 through July 11, 2001, both dates inclusive (the "Class Period"). Morgan Stanley & Co., Inc. ("Morgan Stanley") and UBS Warburg LLC ("UBS") are the named as defendants in the Complaint.
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 section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission ("SEC"). In particular, the Complaint alleges that defendants issued and maintained favorable ratings and recommendations on Atmel securities without any rational economic basis; failed to disclose that they were issuing and maintaining these recommendations to obtain investment banking business; and concealed significant, material conflicts of interest that prevented them from providing independent and objective analysis. The Complaint alleges that defendant Morgan Stanley, lead underwriter of Atmel's public offering, failed to disclose in the offering documents or elsewhere that Atmel had directed Morgan Stanley to pay portions of the underwriting fees to broker dealers, including defendant UBS, to issue favorable research reports on Atmel. Further, the Complaint alleges that Morgan Stanley failed to ensure that the broker dealers disclosed such payments in their research reports. As a result of these false and misleading statements and omissions of material fact, the Complaint alleges that the price of Atmel securities was artificially inflated throughout the Class Period, causing plaintiff and the other members of the Class to suffer damages. On April 28, 2003, the SEC filed complaints against Morgan Stanley and UBS for violating the Exchange Act, and several NASD and NYSE rules by issuing false and misleading analyst reports on companies. Morgan Stanley and UBS each settled these charges for payments of $125 million and $80 million, respectively.
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. You can learn more information about Rabin, Murray & Frank LLP at www.rabinlaw.com.
If you purchased or otherwise acquired Atmel securities during the Class Period described above, you may, no later than August 4, 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 plaintiffs' counsel Eric J. Belfi or Sharon Lee at 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