COLCHESTER, Conn., April 13, 2006 (PRIMEZONE) -- Scott+Scott, LLC, filed a securities class action against Micron Technology, Inc. (NYSE:MU) ("Micron" or the "Company") and certain insiders on behalf of securities purchasers from February 24, 2001, through February 13, 2003, inclusive (the "Class Period"), for securities law violations. Defendant Micron manufactures and markets semiconductor devices worldwide, including a series of dynamic random access memory ("DRAM") products, which provide data storage and retrieval in various electronic applications, such as personal computers, mobile phones, flash memory cards and MP3 players. According to the complaint, unbeknownst to investors, the Company engaged in unlawful anti-competitive practices targeting the market for DRAM products during the Class Period. The complaint alleges that, as a result, the Company's stock price was artificially inflated, defrauding investors.
If you purchased Micron securities during the Class Period and wish to serve as lead plaintiff in the action, you must seek appointment from the court no later than April 25, 2006. Any class member may move to serve as lead plaintiff through counsel of their choosing. Class members may also choose to do nothing and remain absent class members. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott partner David R. Scott (drscott@scott-scott.com, 800/404-7770, 860/537-5537) or visit www.scott-scott.com for more information. There is no cost or fee to you.
As alleged, during the Class Period, as early as June 2002, the Department of Justice ("DOJ") targeted Micron in a broad investigation of alleged anti-competitive practices among industry manufacturers. During the Class Period, defendants concealed the fact that: (i) the Company employed fraudulent and unlawful business practices designed to inflate the price of its manufactured semiconductor products; (ii) Defendants had conspired unlawfully with other manufacturers to engaged in "price-fixing" intended to suppress competition, amounting to antitrust violations; and (iii) the Company's reported financial results lacked any objective basis, as these results were based upon fraudulent and unlawful business practices.
These statements, according to the complaint, artificially inflated Micron's stock price. As the DOJ investigation ran its course, the Company was forced to unwind its unlawful anti-competitive practices, which placed pressure on the Company's revenues and earnings and resulted in a steep correction in the price of the stock. Consequently, Micron Technology's stock price declined by more than $35.00 or 79.5% during the Class Period. It was not until well after the end of the Class Period, on November 11, 2004, that Micron finally confirmed that the DOJ had found actionable evidence of price-fixing activities by Company employees.
Scott+Scott is a national law firm with significant experience in prosecuting investor class actions. The firm dedicates itself to client communication and satisfaction and currently is litigating major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, charities, foundations, individuals and other entities worldwide.