If you have purchased shares of Nam Tai Electronics, Inc. (NYSE:NTE) between August 6, 2012 and April 26, 2013, call 1-800-934-2921 right now to protect your rights.
Filing deadline: 07/16/2013
The plaintiff has filed suit on behalf of any individual or entity who has acquired shares of Nam Tai Electronics, Inc. (NYSE:NTE) during the period where the alleged false or misleading statements were made. The plaintiff contends that Sections 10(b) and 20(a) and Rule 10b-5 of the Securities Exchange Act of 1934 were violated b Nam Tai Electronics, Inc and some of its directors and officers.
The plaintiff claims that Nam Tai Electronics, Inc. has neglected to disclose that it was under intense competition, which has forced the company to lower its prices, which in turn threatened its future profitability. The plaintiff is also alleging that Nam Tai Electronics, Inc. (NYSE:NTE) has failed to disclose expected cancellations and changes to order volumes by its main customers, which would cause the company to stop making capital investment in some of its technology platforms. More specifically, it is alleged that due to decreasing profit margins and market volatility, the defendants would have to put a stop to their highest quality LCM production operations at their Wuxi and Shenzhen plants to minimize losses.
Nam Tai Electronics, Inc. has issued a report that the company's total revenue grew from $408.14 million in 2009, reaching more than $1.14 billion in 2012. The company's net income went up from $1.65 million to $66.92 million during the same time period. In March 2009, shares of NYSE:NTE went up from a low point of $3.15 per share to a high of $15.93 per share in December 2012.
It was on April 29th 2013 that NYSE:NTE has announced results for the first quarter ending March 31st 2013, which disclosed the fact that customer orders for LCD modules were a lot lower than originally planned and that the company was thus halting some of their operations in Wuxi and Shenzhen by the end of June 2013 in an effort to prevent incurring additional losses.
After this announcement, shares of Nam Tai Electronics, Inc. decreased from $12.42 per share on April 25th 2013, down to $7.50 per share on April 29th 2013.
Own shares of The Nam Tai Electronics, Inc. (NYSE:NTE)? Contact us to protect your rights.
If you have purchased shares of Nam Tai Electronics, Inc. (NYSE:NTE) between August 6, 2012 and April 26, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights.