COLCHESTER, Conn., April 19, 2006 (PRIMEZONE) -- Scott+Scott, LLC notifies investors that five business days remain in which to request that the Court appoint them as lead plaintiff in a securities-fraud action against Micron Technology, Inc. (NYSE:MU) ("Micron" or the "Company"). Scott+Scott filed a complaint against the Company and insiders on April 13, 2006, on behalf of MU 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 explains that during the Class Period, the Department of Justice ("DOJ") targeted Micron in a broad investigation of alleged anti-competitive practices among industry manufacturers. Yet instead of disclosing the Company's illegal, anti-competitive practices to the market, defendants concealed that they had conspired unlawfully with other manufacturers to engage in "price-fixing" intended to suppress competition and to inflate the price of the Company's DRAM products. Thus, according to the complaint, defendants' statements during the Class Period regarding the Company's reported financial results were false and misleading and served to artificially inflate 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's stock price declined by more than $35.00 or 79.5% during the Class Period.
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.
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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca