PHILADELPHIA, Feb. 24, 2003 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit was commenced in the United States District Court for the Northern District of California on behalf of purchasers of Atmel Corporation ("Atmel" or the "Company") (Nasdaq:ATML) between January 20, 2000 and July 31, 2002, inclusive (the "Class Period").
The suit alleges that Atmel and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements to the market during the Class Period. Specifically, the suit alleges that defendants caused Atmel's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements, all the time concealing that Atmel was selling defective chips to its customers which would lead to product recalls, repairs and loss of customer relationships. On July 31, 2002, media reports indicated that the Company had been sued by a major customer, Seagate Technology Inc., for selling defective chips which led to defects in millions of disk drives. On this news, the Company's stock price declined to $2.96.
If you purchased Atmel securities during the Class Period, you may, no later than April 8, 2003, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in Atmel securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action, please visit http://www.srk-law.com/dbjoinaclassaction.asp. If you would like to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or via E-mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca