NEW YORK, March 13, 2006 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) has filed a class action lawsuit in the United States District Court for the District of Idaho, against Micron Technology Inc. (NYSE:MU) and certain of its officers, on behalf of purchasers of the common stock of the Company during the period from February 24, 2001 to February 13, 2003, inclusive (the "Class Period"). The complaint alleges violations of Section 20(a) and Section 10(b) of The Exchange Act and Rule 10b-5.
Micron Technology, a Delaware corporation, engages in the manufacture and marketing of semiconductor devices. The complaint alleges that during the class period, Micron, along with others in the industry, engaged in a conspiracy to suppress and eliminate competition by fixing the prices of Dynamic Random Access Memory ("DRAM"). DRAM is the most commonly used semiconductor memory product used in personal computers. Micron and other manufacturers conspired to raise the price of DRAM sold to certain original equipment manufacturers of personal computers and servers. In June of 2002, Micron received a subpoena from the Antitrust Division of the Department of Justice ("DOJ") related to an industry-wide investigation into alleged anti-competitive practices among DRAM manufacturers. At the time, Micron's management refuted any wrongdoing. In September 2004, Infineon, Micron's competitor, pled guilty to participating in a criminal conspiracy from July 1, 1999 to June 15, 2002. In November 2004, Micron finally admitted that the DOJ's investigation revealed evidence of price fixing by Micron employees.
The complaint further alleges that defendants' issued a series of false and misleading statements to the market, artificially inflating the Company's stock. More specifically, the Defendants failed to disclose the following materially adverse facts to the market: (1) that Micron engaged in illegal anti-competitive behavior to suppress and eliminate competition by fixing the prices of DRAM; (2) that Micron's financial results throughout the Class Period were materially inflated as a direct result of the price-fixing conspiracy due to the Company's illegal behavior of price-fixing; and (3) that the Company's financial projections during the class period lacked a reasonable basis because they were issued while the Company involved itself in an illegal price-fixing scheme.
If you purchased the securities of Micron Technology during the Class Period, you have until April 25, 2006 to ask the Court to appoint you as lead plaintiff for the Class. Lead plaintiffs must meet certain legal requirements. Shareholders outside the United States may also join the action, regardless of where they live or which exchange was used to purchase the securities. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Teresa L. Webb (tlwebb@pomlaw.com) or Carolyn S. Moskowitz (csmoskowitz@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, which has offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. For more information about the Firm, visit our web site at www.pomlaw.com.
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