| Company: | Infineon Technologies |
| Ticker Symbol: | NYSE: IFX |
| Class Period: | March 13, 2000 to July 19, 2004 |
| Date Filed: | Sep-30-04 |
| Lead Plaintiff Deadline: | Nov-28-04 |
| Court: | Northern District, CA |
| Allegations: |
A class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Infineon Technologies AG ("Infineon") (NYSE:IFX) publicly traded securities during the period between March 13, 2000 and July 19, 2004 (the "Class Period").
The complaint charges Infineon and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Infineon manufactures and markets a wide variety of polymer and specialty products.
The complaint alleges that during the Class Period, defendants issued false and misleading statements about Infineon's business and prospects and concealed Infineon's involvement in price fixing activities. Specifically, the complaint alleges that during the Class Period, defendants concealed the following material adverse facts from the investing public: (a) from on or about July 1, 1999 until on or about June 15, 2002, Infineon and its co-conspirators entered into and engaged in a conspiracy in the United States and elsewhere to suppress and eliminate competition by fixing the prices of Dynamic Random Access Memory ("DRAM") to be sold to certain original equipment manufacturers ("OEMs") of personal computers and servers; (b) the conspiracy consisted of a continuing agreement, understanding, and concert of action among Infineon and its co-conspirators, the substantial terms of which were to agree to fix the prices for DRAM to be sold to certain OEMs; and (c) for the purpose of forming and carrying out the conspiracy, Infineon and its co-conspirators: (i) participated in meetings, conversations, and communications in the United States and elsewhere to discuss the prices of DRAM to be sold to certain OEMs; (ii) agreed during those meetings, conversations, and communications to charge prices for DRAM at certain levels to be sold to certain OEMs; (iii) issued price quotations in accordance with the agreements reached; and (iv) exchanged information on sales of DRAM to certain OEM customers for the purpose of monitoring and enforcing adherence to the agreed-upon prices and artificially inflating the Company's revenue and profits. As a result, the Company's shares traded at inflated prices, enabling the Company to consummate a $5.5 billion IPO and a $1 billion bond offering, together with stock-for-stock acquisitions using the Company's inflated shares as currency.
On July 19, 2004, defendants acknowledged the seriousness of a Justice Department investigation into Infineon's price fixing practices when they announced they had recorded a $190 million charge for the antitrust investigation. Then, on September 15, 2004, the Associated Press issued an article which stated: "German computer chipmaker Infineon Technologies AG has agreed to plead guilty to price fixing and will pay a $160 million fine.... In a plea agreement filed in U.S. District Court in San Francisco, Infineon acknowledged conspiring with other companies to fix prices of widely used computer memory products between July 1999 and June 2002."
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 charges Infineon and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Infineon manufactures and markets a wide variety of polymer and specialty products.
The complaint alleges that during the Class Period, defendants issued false and misleading statements about Infineon's business and prospects and concealed Infineon's involvement in price fixing activities. Specifically, the complaint alleges that during the Class Period, defendants concealed the following material adverse facts from the investing public: (a) from on or about July 1, 1999 until on or about June 15, 2002, Infineon and its co-conspirators entered into and engaged in a conspiracy in the United States and elsewhere to suppress and eliminate competition by fixing the prices of Dynamic Random Access Memory ("DRAM") to be sold to certain original equipment manufacturers ("OEMs") of personal computers and servers; (b) the conspiracy consisted of a continuing agreement, understanding, and concert of action among Infineon and its co-conspirators, the substantial terms of which were to agree to fix the prices for DRAM to be sold to certain OEMs; and (c) for the purpose of forming and carrying out the conspiracy, Infineon and its co-conspirators: (i) participated in meetings, conversations, and communications in the United States and elsewhere to discuss the prices of DRAM to be sold to certain OEMs; (ii) agreed during those meetings, conversations, and communications to charge prices for DRAM at certain levels to be sold to certain OEMs; (iii) issued price quotations in accordance with the agreements reached; and (iv) exchanged information on sales of DRAM to certain OEM customers for the purpose of monitoring and enforcing adherence to the agreed-upon prices and artificially inflating the Company's revenue and profits. As a result, the Company's shares traded at inflated prices, enabling the Company to consummate a $5.5 billion IPO and a $1 billion bond offering, together with stock-for-stock acquisitions using the Company's inflated shares as currency.
On July 19, 2004, defendants acknowledged the seriousness of a Justice Department investigation into Infineon's price fixing practices when they announced they had recorded a $190 million charge for the antitrust investigation. Then, on September 15, 2004, the Associated Press issued an article which stated: "German computer chipmaker Infineon Technologies AG has agreed to plead guilty to price fixing and will pay a $160 million fine.... In a plea agreement filed in U.S. District Court in San Francisco, Infineon acknowledged conspiring with other companies to fix prices of widely used computer memory products between July 1999 and June 2002."
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.
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.
