Robbins Arroyo LLP: Aixtron SE (AIXG) Misled Shareholders According to a Recently Filed Class Action
21 January 2016 - 6:25AM
Business Wire
Shareholder rights law firm Robbins Arroyo LLP announces that a
class action complaint was filed in the U.S. District Court for the
Southern District of New York. The complaint alleges that officers
and directors of Aixtron SE (NASDAQGS: AIXG) violated the
Securities Exchange Act of 1934 between September 25, 2014 and
December 9, 2015, by making materially false and misleading
statements about Aixtron's business prospects. Aixtron, together
with its subsidiaries, provides deposition equipment to the
semiconductor industry worldwide. Its AIX R6 MOCVD system is
designed to produce LEDs based on Gallium Nitride and can be
delivered in multiple wafer configurations.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/aixtron-se
Aixtron Accused of Misrepresenting the Status of Its Customer
Agreement
According to the complaint, Aixtron failed to disclose that its
AIX R6 MOCVD systems failed to meet its customer's specific
qualification requirements, and that the impending failure to
execute the agreement would have a substantial negative impact on
the company's prospects. On September 25, 2014, Aixtron announced
that it received a large multiple tool order from China, and its
American Depository Receipts ("ADRs") jumped shortly after. In late
2014 and early to mid-2015, Aixtron issued multiple press releases
touting its R6 MOCVD systems and outlining a positive outlook,
anticipating strong financial growth.
The truth began to emerge on October 13, 2015, when Aixtron
issued a press release disclosing that it was revising its
previously issued revenue guidance for 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
"these deliveries are now expected for 2016 depending on the
progress of the ongoing milestone based qualification process." On
December 9, 2015, Aixtron issued a press release announcing that it
had reached an agreement with its Chinese customer regarding a
substantial reduction in the volume of R6 MOCVD systems ordered
from 50 to the three that had already been delivered, noting 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.
Aixtron Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Darnell R.
Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the
shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves and the companies in which they
have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20160120006331/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003DDonahue@robbinsarroyo.comwww.robbinsarroyo.com
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