04/02/2015 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)
California – A federal judge has ruled that semiconductor company Advanced Micro Devices will be required to face a lawsuit over allegations that it engaged in securities fraud. As reported by Reuters, the company has been accused of hiding issues with the launch of a computer processor in 2011 that resulted in a writedown for $100 million.
U.S. District Judge Yvonne Gonzales Rogers issued an order on Tuesday stating that claims made by the plaintiffs alleging officials of the company misled them to believe that the problems with the new processer were only a past issue had been supported.
According to the lawsuit, which was filed last year, Advanced Mico inflated the market share price of the company artificially by releasing inaccurate information about the processor. The company announced in 2012 that it was writing down $100 in inventory of the Llano device after the issues with the launch were revealed to the market.
The lawsuit is seeking damages on behalf of several investors who made purchases of shares of the company during the time period from April 2011 to October 2012.
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