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Case ID: 4680 | Technology | 03/01/2006
A class action lawsuit has been filed against Micron Technology Inc. on behalf of City of Roseville Employees' Retirement System. The complaint, filed in U.S. District Court for the District of Idaho, alleges that Micron and certain of its officers and directors violated the Securities Exchange Act of 1934.
The complaint alleges that Micron was engaged with other DRAM suppliers in a price-fixing scheme between Feb. 24, 2001, and Feb. 13, 2003. During this period, the complaint alleges, the defendants falsified the company's public statements and financial reporting by concealing the "conspiracy" from the investing public, improperly inflating Micron's earnings. As a result of Micron's alleged participation in illegal price-fixing activities, the company's sales and earnings reports and forecasts issued during this period were false and misleading, the complaint states.
The U.S. Justice Department has been investigating allegations of price fixing among DRAM suppliers in the early part of the decade for more than a year. Samsung Electronics pled guilty to price-fixing charges, agreeing to pay a $300 million fine, last October. Hynix Semiconductor agreed to pay a $185 million fine in connection with the probe last year, and Germany's Infineon Technologies AG agreed to pay a $160 million fine in 2004. The class action suit seeks unspecified damages. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Technology Cases of Interest A class action has been filed against National Financial Services LLC and Fidelity Brokerage Services LLC, both of which are subsidiaries of Fidelity Investments, arising from the alleged misuse of monies withdrawn from class members' accounts for use in an electronic bill paying service called "BillPay." The action alleges that, when a class member uses BillPay, the defendants transfer the class member's funds to a separate account prior to making the requested payment, allowing the defendants to earn interest on the funds while they are being held in the special account. The parties have reached a tentative $6.9 million settlement of a class action filed against Ramp Networks, Inc. (formerly Nasdaq: RAMP) and certain of its officers and directors by stockholders who purchased the company's common stock between January 24 and September 29, 2000. To recover under the settlement, a completed proof of claim postmarked no later than January 20, 2004, must be mailed to the claims administrator. A class action has been filed against Boston Communications Group, Inc. (Nasdaq: BCGI) and certain of its officers and directors by stockholders who purchased the company's common stock between June 12 and July 16, 2003. 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. A class action has been filed against Digimarc Corporation, a supplier of secure media solutions used in security, identification and digital media applications based in Tualatin, OR, (NASDAQ: DMRC) and certain of its officers and directors by stockholders who purchased the company’s common stock between April 17, 2002 and July 28, 2004. 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. Some people say that the major difference in computer brands today is the quality of support you get from the manufacturer. The parties have reached a tentative $1+ million settlement in a class action filed against Apple Computer, Inc., on behalf of Apple G3 users across the U.S. who alleged that the company's OS X operating system failed to properly support early G3-equipped Mac models even though Apple advertised that the operating system was fully optimized for the G3. Persons interested in participating in the settlement should contact the class attorney for further information. A class action has been filed in the Northern District Court of California against Ipass Inc. (NASDAQ: IPAS), an internet service provider, and certain of its officers and directors by stockholders who purchased the company's common stock between April 22, 2004 and June 30, 2004. 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. |
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