SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/amd/) today announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Advanced Micro Devices, Inc. (“AMD”) (NYSE:AMD) common stock during the period between October 27, 2011 and October 18, 2012 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/amd/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges AMD and certain of its officers and directors with violations of the Securities Exchange Act of 1934. AMD is a multinational semiconductor company that develops computer processors and related technologies for commercial and consumer markets.
The complaint alleges that during the Class Period, defendants made false and misleading statements about the Company’s business and prospects. Specifically, the complaint alleges defendants made false statements and/or concealed adverse facts regarding AMD’s 32 nanometer Llano (the “Llano”) Accelerated Processing Unit (“APU”), which is a type of microprocessor that combines AMD’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 AMD’s desktop business was in a “strong position” and that it would “continue to rebound” in 2012. As a result of defendants’ false statements, AMD stock traded at artificially inflated prices throughout the Class Period.
In July 2012, AMD announced that weak demand for Llano APUs in desktop devices, particularly in its Chinese and European markets, had resulted in AMD’s reporting of lower than expected revenue for the June 30, 2012 quarter. The revelation of this information caused the price of AMD stock to decline by nearly 25% on extremely heavy trading volume. Then on October 18, 2012, the Company announced that its gross margins for the fiscal 2012 third quarter had declined more than 31% from its previous quarter, in large part due to AMD’s recording of an approximate $100 million inventory write-down, mainly attributable to the overstated value of the Llano. On this news, the price of AMD stock declined nearly another 17% on extremely heavy trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers of AMD common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller represents U.S. and international institutional investors in contingency-based securities and corporate litigation. With nearly 200 lawyers in ten offices, the firm represents hundreds of public and multi-employer pension funds with combined assets under management in excess of $2 trillion. The firm has obtained many of the largest recoveries in history and has been ranked number one in the number of shareholder class action recoveries in MSCI’s Top SCAS 50 every year since 2003. Please visit http://www.rgrdlaw.com for more information.