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The Complaint alleges that defendants failed to disclose problems MEMC was encountering at its production facilities in Italy and Texas and that because of such production issues the Company's financial results for the quarter ended June 30, 2008 would be below target.
In fact, as alleged in the Complaint, on July 23, 2008, the Company first disclosed that in early June 2008 there was a premature failure of a relatively new heat-exchanger at the Company's Merano, Italy facility which caused second quarter polysilicon output to be reduced by approximately 5%. As further alleged, at approximately the same time, on June 13, 2008, the Company's Pasadena, Texas production facility had to be significantly shut down for approximately a week because of a fire. However, as alleged, defendants failed to disclose these material production problems to investors and the impact they would have on the Company's financial results until July 23, 2008. And, upon these revelations, it is alleged the price of MEMC shares declined 22%, from $53.80 per share to $42.23 per share on much heavier than usual trading volume.
If you are a member of the proposed Class, you may move the court no later than November 17, 2008 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, or to review a copy of the complaint filed in this action, you may visit our website at www.kaplanfox.com.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@kaplanfox.com or contact: Frederic S. Fox Joel B. Strauss Jeffrey P. Campisi KAPLAN FOX & KILSHEIMER LLP 850 Third Avenue, 14th Floor New York, New York 10022 (800) 290-1952 (212) 687-1980 Fax: (212) 687-7714 E-mail address: mail@kaplanfox.com Laurence D. King KAPLAN FOX & KILSHEIMER LLP 350 Sansome Street, Suite 400 San Francisco, California 94104 (415) 772-4700 Fax: (415) 772-4707 E-mail address: mail@kaplanfox.com
SOURCE: Kaplan Fox & Kilsheimer LLP
mailto:mail@kaplanfox.com mailto:mail@kaplanfox.com mailto:mail@kaplanfox.com
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