United Microelectronics Corporation (NYSE: UMC) Investor Securities Class Action Lawsuit 03/14/2019

If you purchased shares of United Microelectronics Corporation (NYSE: UMC), you have certain options and for certain investors are short and strict deadlines running. Deadline: May 13, 2019. NYSE: UMC investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
United Microelectronics
Case Name: 
United Microelectronics Shareholder Class Action Lawsuit 03/14/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: UMC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/14/2019
Class Period Begin: 
10/28/2015
Class Period End: 
11/01/2018
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
05/13/2019
Summary: 

An investor in shares of United Microelectronics Corporation (NYSE: UMC) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by United Microelectronics Corporation in connection with certain allegedly false and misleading statements made between October 28, 2015 and November 1, 2018.

Taiwan based United Microelectronics Corporation provides semiconductor wafer foundry solutions. At all relevant times, one of United Microelectronics Corporation’s primary competitors has been Micron Technology, Inc., a leading U.S. semiconductor company known for its development and production of DRAM products.

On May 13, 2016, United Microelectronics Corporation 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 Microelectronics Corporation with related equipment for its research and development, as well as service fees subject to the progress of the technology development. United Microelectronics Corporation 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. United Microelectronics Corporation reported that its annual Total Revenue rose from over 149.28 billion TWD in 2017 to over 151.25 billion TWD in 2018 and that its Net Income declined from over 9.67 billion TWD in 2017 to over 7.07 billion TWD in 2018.

On November 1, 2018, the U.S. Department of Justice indicted United Microelectronics Corporation for industrial espionage. The indictment stated that United Microelectronics Corporation and another company conspired to steal trade secrets from U.S. semiconductor company Micron Technology, Inc. relating to its research and development of memory storage devices.

Shares of United Microelectronics Corporation (NYSE: UMC) declined from $3.09 per share in June 2018 to as low as $1.64 per share on November 13, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of United Microelectronics Corporation (NYSE: UMC) common shares between October 28, 2015 and November 1, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between October 28, 2015 and November 1, 2018, the Defendants made false and/or misleading statements and/or failed to disclose that United Microelectronics Corporation conspired with Fujian to steal trade secrets from Micron relating to its research and development of DRAM, that United Microelectronics Corporation hired former Micron employees for the purpose of stealing such information from Micron, that 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 that as a result, United Microelectronics Corporation’s public statements were materially false and misleading at all relevant times.