NEW YORK, Nov. 19, 2008 (GLOBE NEWSWIRE) -- Attorney Advertising. The law firm of Bull & Lifshitz, LLP is investigating possible illegal conduct as alleged in a proposed class action lawsuit filed in the United States District Court for the District of New Jersey against Anadigics, Inc. (Nasdaq:ANAD) ("Anadigics" or "Company") and certain of Anadigics's officers and directors for violations of the Securities Exchange Act of 1934. The lawsuit is brought on behalf of all purchasers of common stock from July 25, 2007 through February 12, 2008 (the "Class Period").
Anadigics is a Delaware corporation with its principal executive offices located in Warren, NJ. Anadigics provides semiconductor solutions to the broadband wireless and wireline communications markets.
According to the class action complaint, the representations contained in Anadigics' press releases, SEC filings, conference calls and presentations during the Class Period were materially false and misleading when made because they failed to disclose that: (i) the Company was experiencing manufacturing inefficiencies associated with increased production levels and would not be able to meet its stated guidance; (ii) the Company was at risk of losing customers due to its inability to meet demand; and (iii), as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
According to the class action complaint, on October 23, 2007, Anadigics held a conference call to discuss its third quarter earnings announcement and the Company's operations. In response to the disappointing earnings announcement, the price of Anadigics common stock declined from $19.34 per share to $15.60 per share on heavy trading volume. However, defendants continued to conceal that the Company's manufacturing inefficiencies were continuing to erode the Company's profitability.
Then, on February 12, 2008, Anadigics announced its financial results for the fourth quarter and year-end 2007. Following this announcement, the price of Anadigics common stock dropped from $10.36 per share to $8.86 per share, on extremely heavy trading volume.
If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com. Please visit the Bull & Lifshitz, LLP website (http://www.nyclasslaw.com) for more information about the firm.
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