| Company: | Ibis Technology Corp. |
| Ticker Symbol: | NASD: IBIS |
| Class Period: | October 2, 2003 to December 12, 2003 |
| Court: | District, MA |
| Date Filed: | Jan-08-04 |
| Lead Plaintiff Deadline: | Mar-08-04 |
| Allegations: |
A securities fraud class action has been filed against Ibis Technology Corp. (NASDAQ: IBIS) and Martin J. Reid, President and CEO of Ibis, on behalf of persons who purchased Ibis common stock between October 2, 2003 and December 12, 2003 (the "Class Period"). The action was filed in the United States District Court for the District of Massachusetts in Boston.
The Complaint alleges that defendants violated the Exchange Act by issuing material misrepresentations between October 2, 2003 and December 12, 2003 concerning Ibis' new generations SIMOX-SOI implanter, that Ibis had orders from Japanese wafer manufacturers and that Ibis would close prior to December 31, 2003. Defendants' also misrepresented the carrying value of the smaller size wafers production line on Ibis' financial statements. On December 15, 2003, defendants filed a Form 8-K with the SEC admitting that there would be no sales of i2000 implanters in Q4 2003 from the Japanese wafer manufacturers and that they now expected to receive order(s) for one to three i2000 implanters sometime in 2004 but that the timing of the orders "is very difficult to predict because the sales require the purchaser to enter into a license agreement with a third party." Defendants further admitted that Ibis would record a "material charge" due to the impairment of its smaller size production equipment. In reaction to the announcement, the price of Ibis' common stock fell from a $51.40 per share close on December 12 to a close of $13.20 per share on December 15, 2003 and a closing price of $10.37 on December 16, 2003, on extraordinary high combined volume of 4.4 million shares, almost 50% of the outstanding shares of Ibis common stock.
If you acquired the securities of the defendants during the Class Period you may, no later than Mar-08-04, 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 Exchange Act by issuing material misrepresentations between October 2, 2003 and December 12, 2003 concerning Ibis' new generations SIMOX-SOI implanter, that Ibis had orders from Japanese wafer manufacturers and that Ibis would close prior to December 31, 2003. Defendants' also misrepresented the carrying value of the smaller size wafers production line on Ibis' financial statements. On December 15, 2003, defendants filed a Form 8-K with the SEC admitting that there would be no sales of i2000 implanters in Q4 2003 from the Japanese wafer manufacturers and that they now expected to receive order(s) for one to three i2000 implanters sometime in 2004 but that the timing of the orders "is very difficult to predict because the sales require the purchaser to enter into a license agreement with a third party." Defendants further admitted that Ibis would record a "material charge" due to the impairment of its smaller size production equipment. In reaction to the announcement, the price of Ibis' common stock fell from a $51.40 per share close on December 12 to a close of $13.20 per share on December 15, 2003 and a closing price of $10.37 on December 16, 2003, on extraordinary high combined volume of 4.4 million shares, almost 50% of the outstanding shares of Ibis common stock.
If you acquired the securities of the defendants during the Class Period you may, no later than Mar-08-04, 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.
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.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
