WASHINGTON- LAWFUEL – The Law Firm Newswire –The Law Firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (http://www.cmht.com) announced today that it filed a class action complaint in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Semtech Corporation (the “Semtech” or the “Company”) (Nasdaq:SMTC) during the period from September 11, 2002 through and including July 19, 2006.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that Defendants artificially inflated Semtech’s previously reported financial results through an improper stock option backdating scheme that was perpetrated at the highest levels of the Company. Defendants carried out this scheme by intentionally manipulating the grant date of stock options awarded to themselves and other officers and directors of the Company, selecting dates on which Semtech’s stock was trading at a much lower price than the actual date of grant. In public disclosures, however, Defendants falsely claimed that the grants were dated and priced as of the date of the actual grant.
On July 20, 2006, Semtech revealed that it expected to record material amounts of additional compensation expense and restate its financial results from fiscal 2002 through 2006, and that its prior financial statements should not be relied upon. Semtech’s share price fell in reaction to the announcement, falling from $13.19 to $12.37 per share. Semtech shares continued to fall in reaction to the news on July 21, 2006, closing at $11.60 per share.
If you purchased or acquired Semtech shares during the period from September 11, 2002 through and including July 19, 2006, you may, no later than October 22, 2007, move the court to be appointed as Lead Plaintiff. Shareholders should note that previously issued press releases erroneously indicated that the deadline to move for appointment as lead plaintiff is October 19, 2007. Federal law prescribes that the deadline is 60 days (or, if the 60 days expires on a weekend or legal holiday, the next business day) from the date the first notice to shareholders was issued. In this case, the first notice was issued on August 22, 2007. Accordingly, the deadline is October 22, 2007.
There are certain legal requirements to serve as Lead Plaintiff. Any member of the proposed class may move the court to serve as Lead Plaintiff through counsel of their choice or may choose to remain an absent class member. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as Lead Plaintiff. To be a member of the class, you need not take any action at this time.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Philadelphia and Chicago, and is active in major litigation pending in federal and state courts throughout the nation. You may visit the firm’s website at www.cmht.com.
The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total in the billions of dollars.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
1100 New York Avenue, N.W.
West Tower – Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
E-mail: [email protected] or [email protected]