Advanced Micro Devices Inc (NYSE: AMD) Investor Securities Class Action Lawsuit 01/15/2014

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Company Name(s): 
Advanced Micro Devices
Case Name: 
Advanced Micro Devices Shareholder Class Action Lawsuit 01/15/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: AMD
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/15/2014
Class Period Begin: 
04/04/2011
Class Period End: 
10/18/2012
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
03/17/2014
Date Settled: 
10/25/2017
Settlement Amount: 
$29,500,000
Deadline to Participate in Settlement: 
02/13/2018
Summary: 

October 25, 2017 - The court preliminarily approved the settlement.

October 9, 2017 - Parties filed a stipulation of settlement.

March 31, 2015 - The court denied the defendants' motion to dismiss.

July 7, 2014 - The defendants filed a motion to dismiss.

June 11, 2014 - The lead plaintiffs filed a corrected amended complaint.

June 10, 2014 - The court granted lead plaintiffs' leave to amend the complaint.

June 6, 2014 - The lead plaintiffs filed for leave to file a corrected amended complaint.

May 23, 2014 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased Advanced Micro Devices Inc (NYSE: AMD) common shares between April 4, 2011 and October 18, 2012. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 4, 2011 and October 18, 2012.

April 4, 2014 - The lead plaintiffs and lead counsel were appointed.

March 17, 2014 - Lead plaintiff motions were filed.

January 15, 2014 - An investor in shares of Advanced Micro Devices Inc (NYSE: AMD) filed a lawsuit in the U.S. District Court for the Northern District of California against Advanced Micro Devices Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 27, 2011 and October 18, 2012.

According to the complaint the plaintiff alleges on behalf of a all persons or entities who purchased or otherwise acquired securities of Advanced Micro Devices Inc (NYSE: AMD) between October 27, 2011 and October 18, 2012, that Advanced Micro Devices Inc and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that the defendants made allegedly false statements and/or concealed adverse facts regarding Advanced Micro Devices Inc’s 32 nanometer Llano (the “Llano”) Accelerated Processing Unit (“APU”), which is a type of microprocessor that combines Advanced Micro Devices Inc’s central processing unit and its graphics processing unit onto a single piece of silicon, including repeatedly highlighting the “strong” and “significant” interest in, demand for, and unit shipments of, the Llano APUs, and falsely and misleadingly representing that Advanced Micro Devices Inc’s desktop business was in a “strong position” and that it would “continue to rebound” in 2012 and that as a result of defendants’ statements, Advanced Micro Devices Inc stock traded at allegedly artificially inflated prices between October 27, 2011 and October 18, 2012.

On October 27, 2011, Advanced Micro Devices Inc reported its third quarter results. Then on January 24, 2012, Advanced Micro Devices Inc reported its fourth quarter and annual results. Advanced Micro Devices Inc reported that its Total Revenue rose from over $6.49 billion for the 52 weeks period that ended on Dec. 25, 2010 to over $6.56 billion for the 52 weeks period that ended on Dec. 31, 2011 and that its respective Net Income increased from $471 million to $491 million.

Shares of Advanced Micro Devices Inc grew from $4.72 per share on October 21, 2011 to as high as $8.20 per share on March 16, 2012.

The plaintiff claims that in July 2012, Advanced Micro Devices Inc announced that weak demand for Llano APUs in desktop devices, particularly in its Chinese and European markets, had resulted in Advanced Micro Devices Inc’s reporting of lower than expected revenue for the June 30, 2012 quarter.

Then on October 18, 2012, Advanced Micro Devices Inc reported its third quarter results and announced a restructuring plan designed to reduce operating expenses and better position the company competitively.

Shares of Advanced Micro Devices Inc (NYSE: AMD) declined to as low as $1.86 per share on November 16, 2012.

On January 22, 2013, Advanced Micro Devices Inc reported its fourth quarter 2012 and annual results. Advanced Micro Devices Inc reported that its Total Revenue declined from over $6.56 billion for the 52 weeks period that ended on Dec. 31, 2011 to over $5.42 billion for the 52 weeks period that ended on Dec. 29, 2012 and that its Net Income of $491 million for the 52 weeks period that ended on Dec. 31, 2011 decreased to a Net Loss of over $1.18 billion for the 52 weeks period that ended on Dec. 29, 2012.