Pomerantz Law Firm Announces the Filing of a Class Action against Advanced Micro Devices, Inc. and Certain Officers – AMD

NEW YORK, Jan. 16, 2018 -- Pomerantz LLP announces that a class action lawsuit has been filed against Advanced Micro Devices, Inc. (“AMD” or the “Company”) (NASDAQ:AMD) 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 [email protected] 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.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]