NEW YORK, June 21 /PRNewswire/ -- Zwerling, Schachter & Zwerling, LLP ("Zwerling Schachter") and its South Korean co-counsel, We The People Law Group, announce that they have filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all those who purchased or otherwise acquired the securities of LG Display Co., Ltd. (f/k/a LG Philips LCD Co., Ltd.) ("LG," "LG Display" or the "Company") on the Korea Stock Exchange ("KSE") during the period from July 16, 2004 to November 13, 2008, inclusive (the "Class Period") to recover damages caused by defendants' violations of the federal securities laws.
The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. During the Class Period, defendants made a series of materially false and misleading statements concerning LG's business affairs, how it was able to post historic profits, and the likelihood that it would be exposed to a massive criminal fine. Specifically, defendants failed to disclose and/or misrepresented, among other things, the following adverse facts: (a) From on or about September 21, 2001 to on or about June 1, 2006, LG and its co-conspirators engaged in a price-fixing scheme in order to suppress and eliminate competition in the LCD panel industry in unreasonable restraint of interstate and foreign trade and commerce. The price-fixing scheme consisted of an ongoing agreement, understanding, and concert of action among LG and its co-conspirators. The purpose of the scheme was to fix the prices of LCD panel products; (b) In order to carry out the scheme, LG and its co-conspirators participated in meetings, including group meetings commonly referred to by the participants as "crystal meetings," conversations and communications in the U.S., Taiwan and Korea to agree to charge prices for LCD panel products at certain levels to be sold to certain resellers and consumers. The scheme involved issuing price quotations, as well as exchanging information on sales of LCD panel products; (c) The Company was reporting inflated revenues, profit margins and financial results that did not reflect its true business, but rather the results of the price-fixing scheme; (d) LG's Class Period financial strength and cost competitiveness were the result of its participation in the price-fixing conspiracy; and (e) following the announced raid by the South Korea Fair Trade Commission of LG's headquarters on or about December 8, 2006 and through November 12, 2008, defendants misled investors worldwide by touting its financial strength, cost savings, business structure, competitive advantages and strategic initiatives, while denying involvement in the price-fixing scheme and failing to disclose the strong likelihood that LG and a number of its senior executives would be forced to plead guilty to the antitrust conspiracy which had allowed it to inflate its profits and share price, and which ultimately resulted in the payment of a historic criminal fine of $400 million.
If you purchased the securities of LG during the Class Period, you may apply to serve as lead plaintiff. The lead plaintiff is responsible for overseeing the prosecution of the action and ensuring that the interests of the class are protected. Should you desire to be lead plaintiff, you may apply to be appointed through Zwerling Schachter. The lead plaintiff deadline is August 20, 2010.
If you wish to discuss this securities class action or have any questions concerning your rights and interests with respect to this matter, please contact Paul Kleidman, Esq. or Shaye Fuchs, Esq. at Zwerling Schachter at (800) 721-3900 or by e-mail at email@example.com or firstname.lastname@example.org. You may also contact South Korean co-counsel, Young-Ki Rhee at We the People Law Group, at 822-2285-0062 or by e-mail at email@example.com.
Zwerling Schachter concentrates its law practice in prosecuting class actions nationwide on behalf of investors. The firm currently plays a leading role in numerous major securities and complex commercial litigations pending in federal and state courts and has offices in New York, Garden City, N.Y., and Seattle. The firm has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities class action litigation. Visit our website at: www.zsz.com.
SOURCE Zwerling, Schachter & Zwerling, LLP