HARTFORD, Conn., Feb. 27, 2006 (PRIMEZONE) -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Idaho on behalf of all persons who acquired the publicly traded securities of Micron Technology, Inc. ("Micron" or the "Company") (NYSE:MU) between February 24, 2001 and February 13, 2003, inclusive, (the "Class Period"). Also included are all those who acquired Micron through its acquisitions of Dominion and Hynix.
The Complaint alleges that defendants violated federal securities laws by issuing a series of materially false statements to manipulate the price of dynamic random access memory, a type of computer memory semiconductor chip, known as DRAM. Specifically, defendants failed to disclose the following adverse facts: (i) that Micron had 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 DRAM to be sold to certain original equipment manufacturers of personal computers and servers; (ii) that Micron's publicly reported sales and earnings had been improperly inflated due to illegal price-fixing activities; and (iii) that as a result of defendants' illegal price-fixing activities, Micron's sales and earnings reports and forward-looking price forecasts issued during the Class Period were false and misleading.
As a result of defendants' false and misleading Class Period statements, Micron's shares traded at inflated prices enabling the Company to issue more than $632 million worth of debt during 2003, sell over $480 million worth of warrants and complete numerous stock-for-stock acquisitions using Micron's inflated shares as currency. During the Class Period, insiders also sold approximately $4.5 million worth of their own personally held Micron stock.
If you are a member of the class, you may, no later than April 25, 2006, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz & Nobel has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.