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Case ID: 4715 | Technology | 06/07/2006
Micron Technology faces another class action lawsuit tied to alleged involvement in an supposed price-fixing scheme among memory chip makers between February 2001 and February 2003. The class action, which is the third of its kind involving price fixing, was filed on behalf of Micron shareholders in U.S. District Court in Idaho against Micron and certain of its officers and directors. The complaint alleges that Micron was engaged in a scheme to manipulate the price of DRAM between Feb. 24, 2001 and Feb. 13, 2003.
Specifically, the complaint alleges that during the this period, defendants falsified the company's public statements and financial reporting by concealing the material adverse facts, including its involved in a DRAM price-fixing scheme. This is at least the third class action suit to be brought against Micron in connection with the alleged DRAM price-fixing scheme, an issue that the U.S. Department of Justice has been investigating for more than two years. 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 Several class actions have been filed against specialty chemical manufacturer Ferro Corporation (NYSE:FOE) and certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2003, and July 22, 2004. The actions claim 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 lawsuit has been filed in the District Court of Vermont against Micron Technology Inc. for violations of the Vermont Consumer Fraud Act. Class members allege that the defendants engaged in unfair methods of competition in commerce and overcharged for Dynamic Random Access Memory. Members seek injunctive relief, damages, costs of the litigation and attorney's fees. A Chicago man who bought Microsoft Corp.'s new Xbox 360 has sued the world's largest software maker, saying the new video game console has a design flaw that causes it to overheat and freeze up. The proposed class action claims that the company was so intent on releasing the Xbox 360 before competing next-generation machines from Sony Corp. and Nintendo Co Ltd. that it sold a "defectively designed" product.
Several class actions have been filed against technology company Datatec Systems, Inc. (Nasdaq: DATCE) and certain of its officers and directors by stockholders who purchased the company's common stock between June 26 and December 16, 2003. The actions claim 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. Several class actions have been filed against communications and security systems engineering specialists Wireless Facilities, Inc. (Nasdaq:WFII), and certain of its officers and directors by stockholders who purchased the company's common stock between April 26, 2000, and August 4, 2004. The actions claim 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 in the District Court of New Jersey against Conexant Systems, Inc., (NASDAQ:CNXT) a New Jersey based semiconductor company, and certain of its officers and directors by stockholders who purchased the company's common stock between March 1, 2004 and November 4, 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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