HARTFORD, Conn., Feb. 8, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard, 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 Southern District of New York on behalf of all persons who purchased or otherwise acquired the publicly traded securities of LG.Philips LCD Co., Ltd. ("LG Phillips" or the "Company") (NYSE:LPL) between July 16, 2004 and December 11, 2006, inclusive, (the "Class Period"). Also included are those who purchased in the Initial Public Offering ("IPO") and in the Secondary Offering on or around July 21, 2005.
The Complaint alleges that LG Phillips and certain of its officers and directors violated Federal Securities laws. Specifically, defendants made positive statements concerning the Company's liquid crystal displays ("LCD") business while they were using artificial antitrust mechanisms, including price fixing, to support inflated margins. During the Class Period, defendants concealed the following: (i) from on or about June 2004 until on or about June 2006, LG Philips and its co-conspirators 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 LCD panel products; and (ii) as a result, the Company's shares traded at inflated prices, enabling the Company to consummate its IPO raising $1 billion, its Secondary Offering raising $1.4 billion, and obtain an additional $500 million in other securities offerings. On December 8, 2006, officials from South Korea's Fair Trade Commission appeared at the Company's Seoul headquarters to proceed with a formal investigation of the Company and its top executives. On December 11, 2006, LG Phillips announced it was being investigated for possible anticompetitive conduct in the LCD industry.
If you are a member of the class, you may, no later than April 9, 2007, 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 Izard, P.C. 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 Izard, P.C. toll-free at (800) 797-5499, or by e-mail at firm@snlaw.net, or visit our website: www.snlaw.net.