| Company: | AXT, Inc. |
| Ticker Symbol: | NASD: AXTI |
| Class Period: | February 6, 2001 to April 27, 2004 |
| Date Filed: | Dec-02-04 |
| Lead Plaintiff Deadline: | Dec-14-04 |
| Court: | Northern District, CA |
| Allegations: |
A class action lawsuit has been filed on behalf of purchasers of the securities of AXT, Inc. (Nasdaq:AXTI) ("AXT" or the "Company") between February 6, 2001 through April 27, 2004, inclusive (the "Class Period "), in the United States District Court for the Northern District of California.
The complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of the Company's securities.
The complaint charges AXT and the Company's CEO with violations of the Securities Exchange Act of 1934. The complaint alleges defendants knew or recklessly disregarded that their statements were materially false and misleading when made because AXT: (i) did not follow requirements for testing of products (and provision of testing data and information) relating to customer requirements; and, as a consequence of this conduct, (ii) failed to accrue adequate reserves; (iii) falsely stated its reported reserves, revenue and income; and (iv) issued false statements about the Company meeting customer requirements.
The truth began to emerge on April 27, 2004, when the Company disclosed that the "first quarter's financial review and verification process has been delayed due to an investigation by AXT's Audit Committee of certain product testing practices and policies." The next day, April 28, 2004, AXT common stock dropped 13.64% on heavy trading. One day later, AXT stock plummeted even further, falling nearly 23% in one day, to close at $2.20 on April 29, 2004, on even heavier trading than the previous day.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of the Company's securities.
The complaint charges AXT and the Company's CEO with violations of the Securities Exchange Act of 1934. The complaint alleges defendants knew or recklessly disregarded that their statements were materially false and misleading when made because AXT: (i) did not follow requirements for testing of products (and provision of testing data and information) relating to customer requirements; and, as a consequence of this conduct, (ii) failed to accrue adequate reserves; (iii) falsely stated its reported reserves, revenue and income; and (iv) issued false statements about the Company meeting customer requirements.
The truth began to emerge on April 27, 2004, when the Company disclosed that the "first quarter's financial review and verification process has been delayed due to an investigation by AXT's Audit Committee of certain product testing practices and policies." The next day, April 28, 2004, AXT common stock dropped 13.64% on heavy trading. One day later, AXT stock plummeted even further, falling nearly 23% in one day, to close at $2.20 on April 29, 2004, on even heavier trading than the previous day.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Register your Case
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
