NEW YORK, March 18, 2019 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in United Microelectronics Corporation ("UMC" or the "Company")(NYSE: UMC) of the May 13, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in UMC stock or options between October 28, 2015 and November 1, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/UMC. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased UMC securities between October 28, 2015 and November 1, 2018 (the "Class Period"). The case, Meyer v. United Microelectronics Corporation et al., No. 19-cv-02304 was filed on March 14, 2019, and has been assigned to Judge Victor Marrero.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) UMC conspired with Fujian to steal trade secrets from Micron relating to its research and development of DRAM; (2) UMC hired former Micron employees for the purpose of stealing such information from Micron; (3) the foregoing conduct placed UMC and certain of its employees at an increased risk of criminal and regulatory investigation by the U.S. government; and (4) as a result, UMC's public statements were materially false and misleading at all relevant times.
On November 1, 2018, the U.S. Department of Justice ("DOJ") indicted UMC, Fujian, and Chen Zhengkun a.k.a. Stephen Chen ("Chen"), a former Micron employee hired by UMC, for conspiracy to commit economic espionage, conspiracy to commit theft of trade secrets, and economic espionage (receiving and possessing stolen trade secrets).
On this news, United Microelectronics's share price fell, over two trading sessions, from $1.90 per share on November 1, 2018 to a closing price of $1.71 on November 5, 2018: a $0.19 or a 10.0% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding United Microelectronics's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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