ROCHESTER, Mich., Nov. 4, 2004 (PRIMEZONE) -- Miller Shea, P.C. announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock of AXT, Inc. ("AXT" or the "Company") (Nasdaq:AXTI), between February 6, 2001 and April 27, 2004, inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Northern District of California.
AXT manufactures semiconductor parts for a variety of electronic products, including telecommunications and consumer electronics. The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of AXT securities.
On May 24, 2004, AXT disclosed to the SEC that an investigation by AXT's Audit Committee confirmed that the Company had "not followed requirements for testing of products and provision of testing data and information relating to customer requirements for certain shipments made over the past several years." The Company further disclosed that during the first quarter of 2004, AXT increased its reserve for sales returns "related to our failure to follow certain testing requirements and provision of testing data and information to certain customers."
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased AXT stock between February 6, 2001 and April 27, 2004, you have certain rights and have until December 14, 2004, in which to move for Lead Plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Jayson E. Blake, Esquire, of Miller Shea, P.C., 950 West University Drive, Suite 300, Rochester, Michigan 48307, by telephone at (248) 841-2200.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.