MINNEAPOLIS, Sept. 19, 2008 (GLOBE NEWSWIRE) -- Lockridge Grindal Nauen P.L.L.P. filed a class action suit in the United States District Court for the Eastern District of Missouri against MEMC Electronic Materials, Inc. ("MEMC" or the "Company") (NYSE:WFR) and its Chief Executive Office that alleges violations of the Securities Exchange Act of 1934 on behalf of purchasers of MEMC common stock during the period between June 13, 2008 through July 23, 2008, inclusive (the "Class").
The Complaint alleges that Defendants failed to disclose problems MEMC was encountering at its production facilities in Italy and Texas and that because of such production issues the Company's financial results for the quarter ended June 30, 2008 would be below target.
In fact, as alleged in the Complaint, on July 23, 2008, the Company first disclosed that in early June 2008 there was a premature failure of a relatively new heat-exchanger at the Company's Merano, Italy facility which caused second quarter polysilicon output to be reduced by approximately 5%. As further alleged, at approximately the same time, on June 13, 2008, the Company's Pasadena, Texas production facility had to be significantly shut down for approximately a week because of a fire. However, as alleged, Defendants failed to disclose these material production problems to investors and the impact they would have on the Company's financial results until July 23, 2008. And, upon these revelations, it is alleged the price of MEMC shares declined 22%, from $53.80 per share to $42.23 per share on much heavier than usual trading volume.
If you are a member of the proposed Class, you may move the court no later than November 17, 2008 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
Plaintiff seeks to recover damages on behalf of the Class. Lockridge Grindal Nauen P.L.L.P., has extensive experience representing shareholders in class actions and has successfully recovered billions of dollars for defrauded investors and shareholders. The reputation and expertise of the firm in shareholder and other class action litigation have been repeatedly recognized by courts, which have appointed the firm to major positions in complex multi-district and consolidated litigations. The firm has offices in Minneapolis and Washington, D.C.
If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Karen H. Riebel, Esq. (khriebel@locklaw.com)
Lockridge Grindal Nauen P.L.L.P.
100 Washington Avenue South, Suite 2200
Minneapolis, MN 55401
(612) 339-6900
More information on this and other class actions can be found on the Class Action Newsline at www.globenewswire.com/ca.