This is getting ridiculous,,,,,,,
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Wolf Haldenstein Adler Freeman & Herz LLP Files Notice of Pendency of Class Action Against Cymer Inc. and Others
Business Wire - September 09, 1998 19:21
NEW YORK--(BUSINESS WIRE)--Sept. 9, 1998--Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit on Sept. 4, 1998, in the United States District Court for the Southern District of California on behalf of purchasers of the common stock of Cymer Inc. ("Cymer" or the "Company")(NASDAQ:CYMI) during the period of April 24, 1997 through Sept. 26, 1997 (the "Class Period") and who were damaged thereby.
If you wish to discuss this action please contact Wolf Haldenstein Adler Freeman & Herz LLP (Michael Miske or Lawrence P. Kolker, Esq.) at 800/575-0735.
The complaint alleges that defendants' false and misleading statements about rapid acceptance of DUV technology by semiconductor chip manufacturers, strong demand and orders for Cymer's Series 5000 KrF excimer DUV lasers, its strong backlog of shippable/deliverable orders for these lasers and the lack of technical problems with and defects in its lasers, which would result in 40%-50% EPS growth for Cymer over the next several years and 98 EPS of $1.15-$1.20, artificially inflated Cymer's stock to a Class Period high of $49-1/4 on Aug. 25, 1997.
Cymer, its top insiders and controlling shareholders sold or disposed of 1,869,086 shares of their Cymer stock between April 1997 and August 1997, at as high as $45-1/2, generating $48.5 million in proceeds, while Cymer itself completed a very large $173 million convertible debenture offering in August 1997, according to the complaint.
On Sept. 5, 1997, just a few weeks after Cymer's stock hit its all-time high of $49-1/4, and Cymer completed its convertible debenture offering and its top insiders completed their sell-off, Cymer's stock began to drop as rumors circulated and some analysts reported that there were quality problems with Cymer's Series 5000 excimer DUV lasers and that Cymer's customers were pushing out or cancelling earlier orders for Cymer's lasers, which would hurt Cymer's 98-99 results.
While Cymer repeatedly denied that these rumors were true, Cymer's stock dropped to $28-1/8 on Sept. 12, 1997 and to $24-7/8 in late September 1997 and to just $16-1/2 in mid-November 1997, as and after Cymer was forced to admit that acceptance of DUV photolithography technology by semiconductor manufacturers was slowing, its Series 5000 lasers were encountering extraordinary reliability and performance problems, demand and order for its lasers and declined and its 98 revenues and EPS would be much lower than earlier forecasts, according to the complaint.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Wolf Haldenstein Adler Freeman & Herz LLP (www.whafh.com). The Wolf Haldenstein firm has a full service commercial practice consisting of more than 35 attorneys based in New York City and San Diego.
The firm's litigation department has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities laws, class actions and shareholder litigation. The firm's qualifications have repeatedly received very favorable judicial recognition. Additionally, the firm has achieved recoveries of over one billion dollars for defrauded investors and shareholders.
If you are a member of the class described above, you may, not later than sixty days from Sept. 3, 1998, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, N.Y. 10016, by telephone at 800/575-0735 (Michael Miske or Lawrence P. Kolker, Esq.) or via e-mail at classmember@whafh.com or visit our website at www.whafh.com.
All e-mail correspondence should make reference to Cymer.
CONTACT: Wolf Haldenstein Adler Freeman & Herz LLP
Michael Miske or Lawrence P. Kolker, Esq.
800/575-0735
classmember@whafh.com
www.whafh.com
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