|[January 15, 2014]
Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Advanced Micro Devices, Inc.
SAN DIEGO --(Business Wire)--
Geller Rudman & Dowd LLP ("Robbins Geller") (http://www.rgrdlaw.com/cases/amd/)
today announced that a class action has been commenced in the United
States District Court for the Northern District of California on behalf
of purchasers of Advanced Micro Devices, Inc. ("AMD (News - Alert)") (NYSE:AMD) common
stock during the period between October 27, 2011 and October 18, 2012
(the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact plaintiff's counsel, Darren
Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via
e-mail at firstname.lastname@example.org. If you
are a member of this class, you can view a copy of the complaint as
filed or join this class action online at http://www.rgrdlaw.com/cases/amd/.
Any member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.
The complaint charges AMD and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. AMD is a
multinational semiconductor company that develops computer processors
and related technologies for commercial and consumer markets.
The complaint alleges that during the Class Period, defendants made
false and misleading statements about the Company's business and
prospects. Specifically, the complaint alleges defendants made false
statements and/or concealed adverse facts regarding AMD's 32 nanometer
Llano (the "Llano") Accelerated Processing Unit ("APU"), which is a type
of microprocessor that combines AMD's central processing unit and its
graphics processing unit onto a single piece of silicon, including
repeatedly highlighting the "strong" and "significant" interest in,
demand for, and unit shipments of, the Llano APUs, and falsely and
misleadingly representing that AMD's desktop business was in a "strong
position" and that it would "continue to rebound" in 2012. As a result
of defendants' false statements, AMD stock traded at artificially
inflated prices throughout the Class Period.
In July 2012, AMD announced that weak demand for Llano APUs in desktop
devices, particularly in its Chinese and European markets, had resulted
in AMD's reporting of lower than expected revenue for the June 30, 2012
quarter. The revelation of this information caused the price of AMD
stock to decline by nearly 25% on extremely heavy trading volume. Then
on October 18, 2012, the Company announced that its gross margins for
the fiscal 2012 third quarter had declined more than 31% from its
previous quarter, in large part due to AMD's recording of an approximate
$100 million inventory write-down, mainly attributable to the overstated
value of the Llano. On this news, the price of AMD stock declined nearly
another 17% on extremely heavy trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers of AMD
common stock during the Class Period (the "Class"). The plaintiff is
represented by Robbins Geller, which has expertise in prosecuting
investor class actions and extensive experience in actions involving
Robbins Geller represents U.S. and international institutional investors
in contingency-based securities and corporate litigation. With nearly
200 lawyers in ten offices, the firm represents hundreds of public and
multi-employer pension funds with combined assets under management in
excess of $2 trillion. The firm has obtained many of the largest
recoveries in history and has been ranked number one in the number of
shareholder class action recoveries in MSCI's Top SCAS 50 every
year since 2003. Please visit http://www.rgrdlaw.com
for more information.
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