| Company: | Lattice Semiconductor Corp. |
| Ticker Symbol: | NASD: LSCC |
| Class Period: | April 22, 2003 to April 19, 2004 |
| Date Filed: | Sep-09-04 |
| Lead Plaintiff Deadline: | Nov-08-04 |
| Court: | Southern District, OR |
| Allegations: |
A securities class action was commenced on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of Lattice Semiconductor Corp.
(Nasdaq:LSCC) between April 22, 2003 and April 19, 2004, inclusive (the "Class Period").
The case is pending in the United States District Court for the Southern District of Oregon. The action charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period, which statements had the effect of artificially inflating the market price of the Company's securities.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that in knowing or reckless disregard of the truth and/or as part of their ongoing efforts to continue the illusion of Lattice's growth in the semiconductor industry, Defendants issued and or participated in the issuance of materially false and misleading statements and financial information. More specifically, the complaint alleges that during the Class Period Defendants: 1)materially understated its accounts payable balance; 2) overstated earnings by a material amount; 3) falsely represented that the Company's financial results during the Class Period had complied with Generally Accepted Accounting Principles ("GAAP").
Beginning on January 22, 2004, Lattice began to issue press releases indicating that it had potentially overstated its deferred income account. Shares began to tumble in reaction to the news, falling from $12.36 on January 22, 2004 to close at $11.73 the following day. Shares traded as low as $10 the following week. Then on March 18, 2004, Lattice issued a press release indicating that it anticipated restating its first, second and third quarters of its 2003 financial statements as it had likely overstated the Company's Deferred Income Account, an account that represents the Company's judgment as to the potential gross margin on inventory held by the Company's distributors. On March 24, 2004, Lattice finally released its financial results for the fourth quarter and year ended December 31, 2003. The restatement reduced 2003 revenue by approximately 7% over the nine-month period and increased the Company's net loss by an additional $9 million. In its March 24, 2004 press release the Company attributed the restatement to "inappropriate accounting entries made, by an individual in the Company's finance department and deficiencies in the design and operation of internal accounting controls related to the deferred income account." Shares of Lattice continued to sink, falling to $8.95 on April 19, 2004 when it finally amended its Form 10-Q, representing a decline of approximately 27.5% since the overstatement was first announced.
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 case is pending in the United States District Court for the Southern District of Oregon. The action charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period, which statements had the effect of artificially inflating the market price of the Company's securities.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that in knowing or reckless disregard of the truth and/or as part of their ongoing efforts to continue the illusion of Lattice's growth in the semiconductor industry, Defendants issued and or participated in the issuance of materially false and misleading statements and financial information. More specifically, the complaint alleges that during the Class Period Defendants: 1)materially understated its accounts payable balance; 2) overstated earnings by a material amount; 3) falsely represented that the Company's financial results during the Class Period had complied with Generally Accepted Accounting Principles ("GAAP").
Beginning on January 22, 2004, Lattice began to issue press releases indicating that it had potentially overstated its deferred income account. Shares began to tumble in reaction to the news, falling from $12.36 on January 22, 2004 to close at $11.73 the following day. Shares traded as low as $10 the following week. Then on March 18, 2004, Lattice issued a press release indicating that it anticipated restating its first, second and third quarters of its 2003 financial statements as it had likely overstated the Company's Deferred Income Account, an account that represents the Company's judgment as to the potential gross margin on inventory held by the Company's distributors. On March 24, 2004, Lattice finally released its financial results for the fourth quarter and year ended December 31, 2003. The restatement reduced 2003 revenue by approximately 7% over the nine-month period and increased the Company's net loss by an additional $9 million. In its March 24, 2004 press release the Company attributed the restatement to "inappropriate accounting entries made, by an individual in the Company's finance department and deficiencies in the design and operation of internal accounting controls related to the deferred income account." Shares of Lattice continued to sink, falling to $8.95 on April 19, 2004 when it finally amended its Form 10-Q, representing a decline of approximately 27.5% since the overstatement was first announced.
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.
