NEW YORK, Jan. 05, 2016 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Aixtron SE (“Aixtron” or the “Company”) (NASDAQ: AIXG ), and certain of its officers. The class action, filed in United States District Court, Southern District of New York, is on behalf of a class consisting of all persons or entities who purchased Aixtron securities between September 25, 2014 and December 9, 2015 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Aixtron securities during the Class Period, you have until March 4, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Aixtron provides deposition equipment to the semiconductor industry. The Company’s technology solutions are purportedly used by customers to build advanced components for electronic and optoelectronic applications based on compound, silicon, or organic semiconductor materials. Such components are used in displays, signaling, lighting, fiber optic communication systems, wireless and mobile telephony applications, optical and electronic storage devices, and computing.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the AIX R6 MOCVD systems that were to be shipped to the Company’s large Chinese customer (San’an Optoelectronics) did not meet the customer’s specific qualification requirements; (2) as such, the Company’s agreement with San’an Optoelectronics to ship 50 of the Company’s AIX R6 MOCVD systems to San’an Optoelectronics was unlikely to be executed; (3) the impending failure to execute the original agreement would have a substantial negative impact on the Company’s prospects; and (4) as a result of the foregoing, Defendants’ statements about AIXTRON’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On October 13, 2015, the Company issued a press release disclosing that it was revising its previously issued revenue guidance for the full year 2015 from 220 million – 250 million EUR down to 190 million - 200 million EUR due to “a postponement of shipments to a large Chinese customer which were planned for delivery in 2015.” The Company also announced that “[t]hese deliveries are now expected for 2016 depending on the progress of the ongoing milestone based qualification process.”
On this news, the Company’s American Depository Receipts (“ADRs”) fell $0.84 per ADR, or 12.8%, to close on October 13, 2015, at $5.71 per ADR, on high trading volume.
On December 9, 2015, the Company issued a press release announcing that it had “reached an agreement with its Chinese customer San’an Optoelectronics regarding a substantial reduction in the volume of AIX R6 MOCVD systems ordered from 50 to the three which have already been delivered.” The Company also disclosed that “the customer’s specific qualification requirements were not achieved.”
On this news, the Company’s ADRs fell $3.05 per ADR, or 40%, over two trading days, to close at $4.49 per ADR on December 10, 2015, on unusually high trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
