NEW YORK, Feb 24, 2018 (BUSINESS WIRE) —
Pomerantz LLP announces that a class action lawsuit has been filed
against Advanced Micro Devices, Inc. (“AMD” or the “Company”)
AMD, +1.94%
and certain of its officers. The class action, filed in
United States District Court, for the Northern District of California,
and docketed under 18-cv-00321, is on behalf of a class consisting of
investors who purchased or otherwise acquired the securities of AMD
between February 21, 2017 and January 11, 2018, both dates inclusive
(the “Class Period”). Plaintiff seeks to recover compensable damages
caused by Defendants’ violations of the federal securities laws and to
pursue remedies under Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated
thereunder.
If you are a shareholder who purchased AMD securities between February
21, 2017, and January 11, 2018, both dates inclusive, you have until
March 19, 2018, to ask the Court to appoint you as Lead Plaintiff for
the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com
or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address,
telephone number, and quantity of shares purchased.
[Click
here to join this class action]
Advanced Micro Devices, Inc. manufactures semiconductor products, which
includes microprocessors, embedded microprocessors, chipsets, graphics,
video and multimedia products. The Company offers its products worldwide.
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company’s
business, operational and compliance policies. Specifically, Defendants
made false and/or misleading statements and/or failed to disclose that:
(i) a fundamental security flaw in AMD’s processor chips renders them
susceptible to hacking; and (ii) as a result, AMD’s public statements
were materially false and misleading at all relevant times.
On January 3, 2018, media outlets reported that Google Project Zero’s
security team had discovered serious security flaws affecting computer
processors built by Intel Corporation, AMD and other chipmakers. In a
blog post, the Project Zero team stated that one of these security
flaws—dubbed the “Spectre” vulnerability—allows third parties to gather
passwords and other sensitive data from a system’s memory. In response
to the Project Zero team’s announcement, a spokesperson for AMD advised
investors that while its own chips were vulnerable to one variant of
Spectre, there was “near zero risk” that AMD chips were vulnerable to
the second Spectre variant.
Then, on January 11, 2018, post-market, AMD issued a press release
entitled “An Update on AMD Processor Security,” acknowledging that its
chips were, in fact, susceptible to both variants of the
Spectre security flaw.
On this news, AMD’s share price fell $0.12 or 0.99%, to close at $12.02
on January 12, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and
Paris, is acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation. Founded by the
late Abraham L. Pomerantz, known as the dean of the class action bar,
the Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in the
tradition he established, fighting for the rights of the victims of
securities fraud, breaches of fiduciary duty, and corporate misconduct.
The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180224005007/en/
SOURCE: Pomerantz LLP
Pomerantz LLP
Robert S. Willoughby, 888-476-6529 Ext. 9980
rswilloughby@pomlaw.com
Copyright Business Wire 2018