TechPowerUp informs us the AMD Llano securities fraud case has been granted class action status. The lawsuit complains AMD made false and misleading statements to investors about the manufacturing, the subsequent launch and the demand for its Llano processor between April 4, 2011 and October 18, 2012. The lawyers are seeking monetary compensation for persons and entities that bought AMD shares during this period. So far the parties are still engage in discovery, with a deadline set for March 3, 2017. No date for the trial has been scheduled.
What does the lawsuit complain about and what has happened in the case?
The initial complaint in this action was filed January 15, 2014. After Arkansas Teacher Retirement System and KBC Asset Management NV were appointed as Lead Plaintiffs by the Court, they filed their Corrected Amended Class Action Complaint (the “Complaint”) on June 11, 2014. Lead Plaintiffs allege that Defendants made materially false and misleading statements to investors about the manufacturing and subsequent launch of, as well as the demand for, its Llano microprocessor between April 4, 2011 and October 18, 2012, allegedly in violation of the Securities Exchange Act of 1934. Lead Plaintiffs further allege that the false and misleading statements inflated the price of AMD’s common stock and that, when Defendants later disclosed the truth of the ongoing problems with Llano, AMD’s stock price dropped. The Complaint, which contains all of the Lead Plaintiffs’ allegations, is available here.
Defendants moved to dismiss the Complaint on July 7, 2014. On March 31, 2015, the Court issued an order denying Defendants’ motion to dismiss.
On September 4, 2015, Lead Plaintiffs filed their motion for class certification. On March 16, 2016, the Court issued an order granting Lead Plaintiffs’ motion, certifying the Class, appointing Lead Plaintiffs as “Class Representatives,” and appointing Class Counsel. The Court’s Order Granting Plaintiffs’ Motion for Class Certification is available here.
The parties are currently engaged in discovery, and the deadline for completing discovery is March 3, 2017. The parties must file motions for summary judgment by April 7, 2017. No date for the trial has been scheduled.