ASML Shareholders Sue: Alleged Misrepresentations in 2024
Generado por agente de IAWesley Park
lunes, 30 de diciembre de 2024, 1:33 pm ET2 min de lectura
ASML--
In a surprising turn of events, several law firms have filed class action lawsuits against ASML Holding N.V. (NASDAQ: ASML), alleging that the company and its senior executives made false statements and failed to disclose material information to shareholders during the period from January 24, 2024, to October 15, 2024. The lawsuits claim that ASML's misrepresentations and omissions led investors to suffer significant losses.
ASML, a leading supplier to the semiconductor industry, provides photolithography machines to chipmakers. The complaint alleges that the company repeatedly represented to shareholders that new export controls on semiconductor technology announced by the Dutch government would not have a material effect on ASML's financial outlook, and that ASML was on a path to recovery in its sales. However, the lawsuits claim that these representations were false and that the issues being faced by suppliers in the semiconductor industry were much more severe than Defendants had indicated to investors.
On October 15, 2024, ASML announced earnings that were significantly lower than expected. The company attributed this to a market that was "taking longer to recover" and admitted that "it now appears the recovery is more gradual than previously expected." On this news, the price of the Company's stock fell 16%, from a closing price of $872.27 per share on October 14, 2024, to $730.43 per share on October 15, 2024.
During the accompanying earnings call on October 16, 2024, ASML attributed the poor earnings results to "a reflection of the slow recovery in the traditional [semiconductor] end markets as customers remain cautious in the current environment." The company also disclosed that the decline in ASML's sales to China would negatively impact the Company’s gross margins. On this news, the price of the Company’s stock fell 6.4%, from a closing price of $730.43 per share on October 15, 2024, to $683.52 per share on October 16, 2024.
The lawsuits allege that ASML's statements about the Company's business, operations, and prospects lacked a reasonable basis, as the company had created the false impression that it possessed reliable information pertaining to customer demand and anticipated growth while downplaying risks from macroeconomic and industry fluctuations, as well as stronger regulations restricting the export of semiconductor technology.
Investors who purchased ASML shares during the relevant period may be eligible to participate in the class action lawsuits. If you are an ASML shareholder and wish to learn more about your rights, please visit the websites of the law firms involved in the litigation, such as Bronstein, Gewirtz & Grossman, LLP, Bleichmar Fonti & Auld LLP, or Levi & Korsinsky, LLP.
In conclusion, the lawsuits against ASML highlight the importance of transparency and accurate disclosure in the investment community. As investors, we must remain vigilant and stay informed about the companies we invest in, as misrepresentations and omissions can lead to significant financial losses. By holding companies accountable for their actions, we can help foster a more trustworthy and stable investment environment.
ON--
In a surprising turn of events, several law firms have filed class action lawsuits against ASML Holding N.V. (NASDAQ: ASML), alleging that the company and its senior executives made false statements and failed to disclose material information to shareholders during the period from January 24, 2024, to October 15, 2024. The lawsuits claim that ASML's misrepresentations and omissions led investors to suffer significant losses.
ASML, a leading supplier to the semiconductor industry, provides photolithography machines to chipmakers. The complaint alleges that the company repeatedly represented to shareholders that new export controls on semiconductor technology announced by the Dutch government would not have a material effect on ASML's financial outlook, and that ASML was on a path to recovery in its sales. However, the lawsuits claim that these representations were false and that the issues being faced by suppliers in the semiconductor industry were much more severe than Defendants had indicated to investors.
On October 15, 2024, ASML announced earnings that were significantly lower than expected. The company attributed this to a market that was "taking longer to recover" and admitted that "it now appears the recovery is more gradual than previously expected." On this news, the price of the Company's stock fell 16%, from a closing price of $872.27 per share on October 14, 2024, to $730.43 per share on October 15, 2024.
During the accompanying earnings call on October 16, 2024, ASML attributed the poor earnings results to "a reflection of the slow recovery in the traditional [semiconductor] end markets as customers remain cautious in the current environment." The company also disclosed that the decline in ASML's sales to China would negatively impact the Company’s gross margins. On this news, the price of the Company’s stock fell 6.4%, from a closing price of $730.43 per share on October 15, 2024, to $683.52 per share on October 16, 2024.
The lawsuits allege that ASML's statements about the Company's business, operations, and prospects lacked a reasonable basis, as the company had created the false impression that it possessed reliable information pertaining to customer demand and anticipated growth while downplaying risks from macroeconomic and industry fluctuations, as well as stronger regulations restricting the export of semiconductor technology.
Investors who purchased ASML shares during the relevant period may be eligible to participate in the class action lawsuits. If you are an ASML shareholder and wish to learn more about your rights, please visit the websites of the law firms involved in the litigation, such as Bronstein, Gewirtz & Grossman, LLP, Bleichmar Fonti & Auld LLP, or Levi & Korsinsky, LLP.
In conclusion, the lawsuits against ASML highlight the importance of transparency and accurate disclosure in the investment community. As investors, we must remain vigilant and stay informed about the companies we invest in, as misrepresentations and omissions can lead to significant financial losses. By holding companies accountable for their actions, we can help foster a more trustworthy and stable investment environment.
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