Faruqi & Faruqi Alert: Tower Semiconductor Ltd.
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tower Semiconductor Ltd. (“Tower Semiconductor” or the “Company”) (NasdaqGS:TSEM) of the March 22, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Tower Semiconductor securities between April 30, 2012 and January 13, 2016 (the “Class Period”). The case, Brandon Walker v. Tower Semiconductor Ltd et al, No. 16-cv-00487 was filed on January 22, 2016, and has been assigned to Judge Christina A. Snyder.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by issuing false and/or misleading statements and/or failed to disclose that: (1) the value of net tangible assets of the acquisition of TowerJazz Japan Ltd. from Micron Technology Inc. was artificially inflated; (2) the value of net tangible assets of the acquisition of 51% of TowerJazz Panasonic Semiconductor Co., Ltd. from Panasonic was artificially inflated; (3) the Series F Debentures were incorrectly accounted for to understate debt; and (4) as a result, Defendants’ statements about Tower Semiconductor’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Specifically, on January 14, 2016, Spruce Point Capital Management issued a report about the Company in connection with the aforementioned violations.
On this news, share price fell $1.23 per share to close at $11.24 per share on January 14, 2016, a 9.86% drop in share price.
If you invested in Tower Semiconductor securities between April 30, 2012 and January 13, 2016 and would like to discuss your legal rights, please contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Tower Semiconductor ‘s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.