NEW YORK, March 17, 2006 (PRIMEZONE) -- Murray, Frank & Sailer LLP has filed a class action lawsuit in the United States District Court for the District of Idaho, on behalf of shareholders who purchased or otherwise acquired the securities of Micron Technology, Inc. ("Micron" or the "Company") (NYSE:MU) between February 24, 2001 and February 13, 2003, inclusive (the "Class Period"). Murray, Frank & Sailer LLP charges Micron and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Micron manufactures and markets semiconductor devices worldwide.
The complaint alleges that at the start of the Class Period, Micron and its employees (along with others in its industry) were engaged in a scheme to manipulate the price of dynamic random access memory, a type of computer memory semiconductor chip, commonly known as DRAM. Specifically, the complaint alleges that during the Class Period, defendants falsified the Company's public statements and financial reporting by concealing the following material adverse facts from the investing public: (a) that Micron and its co-conspirators had entered into and engaged in a combination and conspiracy in the United States and elsewhere to suppress and eliminate competition by fixing the prices of DRAM to be sold to certain original equipment manufacturers of personal computers and servers; (b) that Micron's publicly reported sales and earnings had been improperly inflated due to illegal price-fixing activities during the Class Period; and (c) that as a result of defendants' participation in the illegal price-fixing activities, Micron's sales and earnings reports and forward-looking price forecasts issued during the Class Period were false and misleading.
According to the complaint, as a result of defendants' false and misleading Class Period statements, the Company's shares traded at inflated prices enabling the Company to issue more than $632 million worth of debt during 2003, sell over $480 million worth of warrants and complete numerous stock-for-stock acquisitions using the Company's inflated shares as acquisition currency. Insiders also sold approximately $4.5 million worth of their own personally held Micron stock at inflated prices during the Class Period.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Micron securities on any exchange between February 24, 2001 and February 13, 2003, and sustained damages, you may, no later than April 25, 2006, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can seek to join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Bradley P. Dyer of Murray, Frank & Sailer LLP.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.