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Case ID: 4456 | Stocks | 10/03/2005
A class action has been filed against ATI Technologies Inc. (ATYT), certain of its officers and directors by stockholders who purchased the company's common stock between October 7, 2004 and June 23, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
According to a press release dated August 18, 2005, the complaint charges ATI and certain of its officers and directors with violations of the Securities Exchange Act of 1934. ATI is the world's second largest computer graphics chip maker. Specifically, the complaint alleges that during the Class Period, defendants made false and misleading statements regarding the Company's business and prospects. As a result of defendants' false and misleading statements, ATI's stock traded at inflated levels, allowing the Company's top officers and directors to sell or otherwise dispose of more than $54 million worth of their own shares at artificially inflated prices. The complaint alleges that the true facts, which were known by each of the defendants but concealed from the investing public during the Class Period, were as follows: (a) the Company was selling desktop and notebook products with lower and lower profit margins; (b) ATI's gross margins were being weakened by high sales of its IGP products, which have profit margins well below the corporate average; (c) the Company was earning lower-than-anticipated yields on certain products due to operational issues in its own packaging and test areas of its manufacturing process; (d) the Company was experiencing production/design/yield issues with its R520 chip; (e) the Company was losing market share to arch-rivals Nvidia Corp. and Intel Corp.; and (f) despite defendants' previous statements to the contrary, a fire at one of the Company's primary suppliers in Taiwan was preventing the Company from receiving necessary supplies. The complaint further alleges that on or around June 6, 2005, ATI warned that its revenue for the third quarter 2005 would fall well below its previously announced forecast. Thereafter, when the Company issued its actual third quarter 2005 financial results on June 23, 2005, reporting a quarterly loss of $445,000 in the third quarter 2005 compared to a profit of $48.6 million in the third quarter 2004 and further reducing fourth quarter 2005 revenue expectations by $20-$50 million, the Company's stock price fell another 8% to its lowest point since July 2003 on extremely high volume. If you bought ATI Technologies Inc. securities between October 7, 2004 and June 23, 2005, inclusive, and would like to obtain information about the ATI Technologies Inc. lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. 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