This is a securities fraud class action lawsuit against Emcore Corporation. Emcore provides compound semiconductor-based components and subsystems to the broadband, fiber optic, satellite, and solar power markets.
The class action lawsuit alleges that Emcore made material misstatements and omissions regarding the order backlog in its photovoltaics business segment, which manufactures photovoltaic solar energy cells. Those misstatements and omissions resulted in an artificially inflated price for Emcore's common stock during the class period.
On March 18, 2008, the price of Emcore's common stock dropped over 23% on news that Emcore's largest customer, Green and Gold Energy ('GGE'), which accounted for $78 million of Emcore's $86 million backlog in terrestrial solar technology, would not be able to afford those transactions.
Name (Stock Symbol)
Emcore Corporation (EMKR)
EMCORE Corporation provides compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and terrestrial solar power markets.
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