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STEVENSON, Md., Feb. 14, 2016 -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Tower Semiconductor Ltd. (Nasdaq:TSEM) (“Tower Semiconductor” or the “Company”) securities during the period between April 30, 2012 and January 13, 2016, inclusive (the “Class Period”). Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until March 22, 2016 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Tower Semiconductor securities purchased on or after April 30, 2012 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at [email protected] or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the value of net tangible assets of the acquisition of a fabrication facility from Micron Technology Inc. and of the acquisition of 51% of TowerJazz Panasonic Semiconductor Co., Ltd. from Panasonic Corporation were significantly artificially inflated and Tower Semiconductor’s Series F Debentures were incorrectly accounted for to understate debt.
According to the complaint, following the January 14, 2016 Spruce Point Management Report revealing the above previously undisclosed information, the value of Tower Semiconductor shares declined substantially.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 [email protected]
