NEW YORK, Oct. 29, 2004 (PRIMEZONE) -- Murray, Frank & Sailer LLP and Tilp Rechtsanwaelte have filed a class action lawsuit on behalf of all purchasers of Infineon Technologies AG securities ("Infineon") (Nasdaq:IFX) during the period between March 13, 2000 and September 15, 2004 (the "Class Period").
The complaint charges Infineon, Ulrich Schumacher, Peter Bauer, and Peter J. Fischl with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company entered into and engaged in a combination and conspiracy in the United States and elsewhere to suppress and eliminate competition by fixing the prices of Dynamic Random Access Memory ("DRAM") to be sold to original manufacturers of personal computers and servers; (2) that as a result of the price fixing, the Company was able to maintain higher profit margins; (3) that as a consequence of the foregoing, the Company's announced financial results were in violation of generally accepted accounting principles; and (4) that the Company's financial results were materially inflated at all relevant times.
On September 15, 2004, Infineon announced that it had reached an agreement with the United States Department of Justice -- Antitrust Division to plead guilty to a single and limited charge related to the violation of U.S. antitrust laws in connection with the pricing in its DRAM business between July 1, 1999 and June 15, 2002. Under the terms of the agreement, Infineon had agreed to pay a fine of $160 million, an amount fully covered by the Company's recent third quarter accrual. On this news, shares of Infineon fell $.21 per share, or 2.04 percent, on September 15, 2004, to close at $10.07 per share.
If you purchased or acquired the shares of Infineon, on any world exchange, between March 13, 2000 and September 15, 2004, and sustained damages, you may, no later than November 29, 2004, move the Court to serve as lead plaintiff of the class. Shareholders outside the United States may also join the action, regardless of where they live or which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please CONTACT:
Murray, Frank & Sailer LLP Tilp Rechtsanwaelte PLLC Eric J. Belfi Alexander Reus Aaron D. Patton 100 SE Second Street, Suite 2610 (800) 497-8076 Miami, Florida 33131 (212) 682-1818 Telephone: (786) 235-5000 Fax: (212) 682-1892 Facsimile: (786) 235-5005 info@murrayfrank.com