Advanced Micro Devices Inc (NYSE: AMD) Investor Securities Class Action Lawsuit 01/16/2018

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Company Name(s): 
Advanced Micro Devices
Case Name: 
Advanced Micro Devices Shareholder Class Action Lawsuit 01/16/2018
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: AMD
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/16/2018
Class Period Begin: 
02/21/2017
Class Period End: 
01/11/2018
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
03/19/2018
Summary: 

June 11, 2018 - Lead plaintiffs and lead counsel were appointed.

March 19, 2018 - Lead plaintiff motions were filed.

January 16, 2018 - 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 over alleged violations of Federal Securities Laws by Advanced Micro Devices Inc in connection with certain allegedly false and misleading statements made between February 21, 2017 and January 11, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Advanced Micro Devices Inc (NYSE: AMD) common shares between February 21, 2017 and January 11, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 21, 2017 and January 11, 2018, the defendants made false and/or misleading statements and/or failed to disclose that a fundamental security flaw in AMD’s processor chips renders them susceptible to hacking, and that as a result, AMD’s public statements were materially false and misleading at all relevant times.

Advanced Micro Devices Inc reported that its annual Total Revenue rose from over $3.99 billion in 2015 to over $4.27 billion in 2016 and that its Net Loss declined from $660 million in 2015 to $497 million in 2016.

Shares of Advanced Micro Devices Inc (NYSE: AMD) grew from $1.83 per share in February 2016 to as high as $14.55 per share in March 2017.

On January 3, 2018, media outlets reported that Google Project Zero’s security team had discovered serious security flaws affecting computer processors built by Intel Corporation, Advanced Micro Devices Inc and other chipmakers. In a blog post, the Project Zero team stated that one of these security flaws—dubbed the “Spectre” vulnerability—allows third parties to gather passwords and other sensitive data from a system’s memory. In response to the Project Zero team’s announcement, a spokesperson for Advanced Micro Devices Inc advised investors that while its own chips were vulnerable to one variant of Spectre, there was “near zero risk” that Advanced Micro Devices Inc chips were vulnerable to the second Spectre variant.

Then, on January 11, 2018, post-market, Advanced Micro Devices Inc issued a press release entitled “An Update on AMD Processor Security,” acknowledging that its chips were, in fact, susceptible to both variants of the Spectre security flaw.