In re Amkor Technologies Inc. Securities Litigation
An $11.25 million settlement was approved in this stock options backdating case.
In November 18, 2009, the Honorable Paul G. Rosenblatt of the United States District Court District of Arizona approved the $11.25 million settlement of the securities fraud class action, In re Amkor Technologies Inc. Securities Litigation, No.1:07-CV-278 (PGR) (Ariz.).
Labaton Sucharow was court-appointed co-lead counsel for Plaintiffs State-Boston Retirement System, Scott Bishins, Westmoreland County Employees Retirement System and City of Wilkes Barre and additional class representatives Albert Hendricks and Glennon Zelch. Defendants included Amkor Technology Inc. and certain of the Company's officers and directors.
Plaintiffs had alleged that Defendants improperly backdated certain of the Company's stock option grants and made materially false and misleading statements to the public concerning the Company's financial results and accounting for stock options. Plaintiffs also alleged that Defendants disseminated a series of materially false and misleading statements relating to Amkor's profitability, growth and customer demand between July 2003 and October 2004. As a result of Defendants' allegedly material misrepresentations, Amkor's stock price traded at artificially inflated levels.
The deadline for filing a proof of claim form was January 8, 2010. The Settlement is currently being distributed to Authorized Claimants.