NEW YORK, Jan. 16, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the USDC for the Northern District of California on behalf of investors who purchased Advanced Micro Devices, Inc. ("AMD" or the "Company") (NYSE:AMD) common stock between October 27, 2011 and October 18, 2012 (the "Class Period").
Click here to learn more about the action http://zlk.9nl.com/advanced-micro-devices-amd, or call: 877-363-5972. There is no cost or obligation to you.
The complaint alleges that the Company made materially false and misleading statements and/or concealed adverse facts regarding AMD's 32 nanometer Llano (the "Llano") Accelerated Processing Unit ("APU") microprocessor. The complaint alleges that AMD repeatedly highlighted a high interest and demand in Llano APUs, falsely implying that AMD's business was in a "strong position" and would "continue to rebound" in 2012.
In July 2012, AMD announced that weak demand for its Llano APUs in desktop devices had resulted in AMD's reporting of lower than expected revenue for the June 30, 2012 quarter. Then on October 18, 2012, the Company announced that its gross margins for the fiscal 2012 third quarter had declined more than 31% from its previous quarter, due in large part to AMD's recording of approximately $100 million inventory write-down, attributable to Llano's overstated value.
Shareholders of AMD have until March 16, 2014 to seek appointment as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/advanced-micro-devices-amd.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP