| Company: | Semtech Corp. |
| Ticker Symbol: | NASD: SMTC |
| Class Period:: | September 11, 2002 to July 19, 2006 |
| Date Filed: | Aug-22-07 |
| Lead Plaintiff Deadline: | Oct-18-07 |
| Court: | Southern District, NY |
| Allegations: |
A class action has been commenced on behalf of an investor in the United States District Court for the Southern District of New York on behalf of persons who purchased or otherwise acquired publicly traded securities of Semtech Corp. ("Semtech" or the "Company") (NASDAQ: SMTC) between September 11, 2002 and July 19, 2006, inclusive (the "Class Period"). The lawsuit was filed against Semtech and certain of its officers and directors ("Defendants").
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by artificially inflating Semtech's previously reported financial results through an improper stock option backdating scheme that was perpetrated at the highest levels of the Company. Defendants carried out this scheme by intentionally manipulating the grant dates of stock options awarded to themselves and other officers and directors of the Company and selecting grant dates at which Semtech stock traded at much lower prices than the actual grant dates. In public disclosures, however, Defendants falsely claimed that the grants were dated and priced as of the date of the actual grants.
On July 20, 2006, Semtech revealed that it expected to record material amounts of additional compensation expense and that it expected to restate its financial results from fiscal 2002 through 2006, while it also disclosed that its prior financial statements should not be relied upon. Semtech's share price fell in reaction to this announcement, falling from $13.19 to $12.37 per share. Semtech shares continued to fall in reaction to the news on July 21, 2006, closing at $11.60 per share.
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 Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by artificially inflating Semtech's previously reported financial results through an improper stock option backdating scheme that was perpetrated at the highest levels of the Company. Defendants carried out this scheme by intentionally manipulating the grant dates of stock options awarded to themselves and other officers and directors of the Company and selecting grant dates at which Semtech stock traded at much lower prices than the actual grant dates. In public disclosures, however, Defendants falsely claimed that the grants were dated and priced as of the date of the actual grants.
On July 20, 2006, Semtech revealed that it expected to record material amounts of additional compensation expense and that it expected to restate its financial results from fiscal 2002 through 2006, while it also disclosed that its prior financial statements should not be relied upon. Semtech's share price fell in reaction to this announcement, falling from $13.19 to $12.37 per share. Semtech shares continued to fall in reaction to the news on July 21, 2006, closing at $11.60 per share.
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.
