NEW YORK, March 7, 2006 (PRIMEZONE) -- The law firm of Seeger Weiss LLP announces that it filed a class action lawsuit today in the United States District Court for the District of Minnesota on behalf of purchasers of NVE Corporation ("NVE") (Nasdaq:NVEC) common stock in the open market between May 22, 2003 and February 11, 2005 (the "Class Period"). The complaint seeks remedies for the class under the Securities Exchange Act of 1934 (the "Exchange Act") and the Securities Act of 1933.
The complaint charges that defendants NVE Corporation, Daniel A. Baker, James M. Daughton, and Jeffrey K. Kaszubinski violated sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5, by issuing a series of material misrepresentations to the market during the Class Period. NVE is a leader in the practical commercialization of spintronics, a nanotechnology which may represent the next generation of microelectronics. NVE licenses intellectual property and sells spintronic products, including sensors and couplers. NVE primarily licensed its intellectual property (the patents it held on Magnetic Random Access Memories ("MRAM") technology) to other companies, including, most notably, Cypress Semiconductor Corp. for the development of products. The complaint alleges that beginning on May 22, 2003, NVE issued a series of press releases containing materially false and misleading statements related to MRAM.
On February 14, 2005, Cypress Semiconductor announced that the development of anything other than a small niche market for MRAM technology was not economically feasible. On this news, the price of the Company's common stock began to decline from a February 11, 2005 closing price of $28.36 to a closing price of $17.04 on April 19, 2005, when NVE finally issued a press release commenting on the Cypress Semiconductor announcement. NVE's stock price has yet to return to the February 14, 2005 price of $25.32 per share and has been trading recently at approximately $17.50 per share.
Seeger Weiss is a New York based law firm that is active in major complex litigations and class actions pending in federal and state courts throughout the United States. Seeger Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers and others and has recovered millions of dollars for clients and class members.
If you are a member of the class described above, you may, no later than April 11, 2006 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Seeger Weiss LLP, or other counsel of your choice, to serve as your counsel in this action.
If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact us: Stephen A. Weiss. Esq. Eric T. Chaffin, Esq. Seeger Weiss LLP One William Street New York, New York 10004 E-Mail: sweiss@seegerweiss.com echaffin@seegerweiss.com Tel.: (212) 584-0700 Toll Free: (877) 541-3273 www.seegerweiss.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.