NEW YORK, Jan. 8, 2016 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting of all persons or entities who purchased Aixtron SE ("Aixtron" or the "Company") (AIXG) securities between September 25, 2014 and December 9, 2015 (the "Class Period"). The complaint charges Aixtron and certain of its officers with violations of the Securities Exchange Act of 1934.
Aixtron is a leading provider of deposition equipment to the semiconductor industry. The Company's technology solutions are reportedly used by a diverse range of customers worldwide to build advanced components for electronic and optoelectronic applications based on compound, silicon, or organic semiconductor materials.
The complaint charges Aixtron and certain of its officers with violations of the federal securities laws. Specifically, the complaint alleges that throughout the Class Period, defendants failed to disclose that: (1) the AIX R6 MOCVD ("AIX") systems that were to be shipped to a large Chinese customer (San'an Optoelectronics) ("San'an") did not meet the customer's specific qualification requirements; (2) the Company's agreement with San'an to ship 50 of the Company's AIX R6 MOCVD systems to San'an 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." On this news, Aixtron's American Depository Receipts ("ADRs") fell almost 13% on heavy volume.
Then, on December 9, 2015, the Company announced that it was cutting the number of AIX systems Aixtron was to ship by a whopping 94%. Aixtron stated that it had "reached an agreement with San'an regarding a substantial reduction in the volume of AIX  systems ordered from 50 to the three which have already been delivered." Aixtron also disclosed that "the customer's specific qualification requirements were not achieved." On this news, the Company's ADRs fell 40%, causing investors tremendous losses.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Aixtron securities during the Class Period. If you invested in Aixtron securities as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than March 4, 2016.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an Aixtron investor and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or email@example.com.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs' firms in the country.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of New York.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
ATTORNEY ADVERTISING. © 2016 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
SOURCE Bernstein Liebhard LLP