STEVENSON, Md., July 12, 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 SemiLEDs Corporation ("SemiLEDs" or the "Company") (Nasdaq:LEDS) common stock during the period between December 9, 2010 and July 12, 2011, inclusive (the "Class Period").
If you have suffered a net loss from investment in SemiLEDs Corporation common stock purchased on or after December 9, 2010, and held through any of the revelations of negative information on January 13, 2011, April 5, 2011, and/or July 10, 2011, as described below, 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 September 9, 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 Company units 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 the Company was experiencing pricing pressures for its products as a result of a known reduction in demand for the Company's products likely to have a material adverse effect on SemiLEDs' future revenues and operating income. According to the complaint, following the Company's January 13, 2011 disclosure that it was experiencing certain such pricing pressures, the Company's April 5, 2011 disclosure that customers were demanding price concessions, and the Company's July 10, 2011 disclosure that it had suffered a net loss of $5.1 million for its 2011 third quarter, with reported revenue down 43% from the previous year's third quarter, the value of SemiLEDs 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