NEW YORK, March 22, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against United Microelectronics Corporation (“UMC” or the “Company”) (NYSE: UMC) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the American Depositary Receipts (“ADRs”) of UMC between October 28, 2015 and November 1, 2018, inclusive (the “Class Period”).
Investors who purchased ADRs of United Microelectronics Corporation are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.
If you have incurred losses in the ADRs of United Microelectronics Corporation, you may, no later than May 13, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in United Microelectronics Corporation.
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The filed Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that:
- UMC conspired with Fujian to steal trade secrets from Micron relating to its research and development of DRAM;
- UMC hired former Micron employees for the purpose of stealing such information from Micron;
- the foregoing conduct placed UMC and certain of its employees at an increased risk of criminal and regulatory investigation by the U.S. government; and
- as a result, UMC’s public statements were materially false and misleading at all relevant times.
On May 13, 2016, the Company announced that it had entered into a Dynamic Random-Access Memory (“DRAM”) Technology Cooperation Agreement with Fujian Jianhua Integrated Circuit Co. Ltd. (“Fujian”). Under the agreement, Fujian was to provide UMC with related equipment for its research and development, as well as service fees subject to the progress of the technology development. UMC was to develop DRAM related technologies for Fujian and deliver such development results to Fujian before May 12, 2021. The developed technologies were to be jointly owned by both parties. DRAM is a memory device product used in electronics to store information. DRAM is a technologically advanced commodity that is widely used in digital electronics, as well as leading-edge computing, consumer, networking, automotive, industrial, embedded, and mobile productions.
On November 1, 2018, the U.S. Department of Justice (“DOJ”) indicted UMC, Fujian, and Chen Zhengkun a.k.a. Stephen Chen (“Chen”), a former Micron employee hired by UMC, for conspiracy to commit economic espionage, conspiracy to commit theft of trade secrets, and economic espionage (receiving and possessing stolen trade secrets). The indictment stated that the companies conspired to steal trade secrets from Micron relating to its research and development of memory storage devices.
According to the indictment, the conspiracy to commit economic espionage began in or around January 2016, the conspiracy to commit theft of trade secrets began in or about October 2015, and the economic espionage (receiving and possessing stolen trade secrets) began in or about February 2016.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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