STEVENSON, Md., May 22, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE:NTE) common stock during the period between August 6, 2012 and April 26, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Nam Tai Electronics, Inc. common stock purchased on or after August 6, 2012, and held through April 26, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 16, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that intense competition had forced the Company to lower its unit sales prices, thereby threatening the Company's future profitability, that anticipated cancellation and fluctuation of orders by its key customers would cause it to halt capital investment into technology platforms, and that due to declining margins and volatility, the Company would have to halt its best quality liquid crystal display module ("LCM") production operations services in both its Shenzhen and Wuxi manufacturing facilities in order to minimize further losses and preserve cash. According to the complaint, following the Company's April 29, 2013 disclosure that customer orders for its LCMs were much lower than originally anticipated, and that it was considering halting its best quality LCM production operations service in both its Shenzhen and Wuxi manufacturing facilities by the end of June 2013 in order to minimize further losses and preserve cash, the value of Nam Tai shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation