SAN DIEGO & PLAINVIEW, N.Y.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Veeco Instruments, Inc. (NasdaqGS: VECO) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Act of 1933 in connection with the May 2017 merger of Veeco and Ultratech, Inc. Veeco, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor process equipment worldwide.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/veeco-instruments-inc-aug-2018/
Veeco Accused of Failing to Disclose Increasing Competition in China
According to the complaint, Veeco's registration statement issued in connection with its merger to Ultratech, Veeco touted that it generates a significant portion of its revenue in China. However, increased Chinese competition, worsening financial metrics, escalating intellectual property disputes, and severe risk of retaliation in its critical Chinese markets were having a negative effect on Veeco's prospects. The truth about Veeco's financial condition came out in August 2017, when Veeco announced disappointing 2Q 2017 earnings and guidance. Then, in December 2017, Veeco revealed that a Chinese court ruled that certain Veeco products infringed Advanced Micro-Fabrication Equipment, Inc.'s patents and ordered Veeco to stop making and selling those products in China. Veeco shares currently trade at $11.70 per share, a 63% decline from the approximately $32 per share price on the date of the merger.
Veeco Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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