SAN DIEGO & HSINCHU, Taiwan--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that shareholders of United Microelectronics Corporation (NYSE: UMC) filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between October 28, 2015 and November 1, 2018. United Microelectronics ("UMC") provides semiconductor wafer foundry solutions.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/united-microelectronics-corp/
UMC Indicted for Conspiring to Steal Trade Secrets
According to the complaint, on November 1, 2018, the U.S. Department of Justice indicted UMC, Fujian Jianhua Integrated Circuit Co. Ltd., and former Micron Technology, Inc. employee Chen Zhengkun a.k.a. Stephen Chen for conspiracy to commit economic espionage, conspiracy to commit theft of trade secrets, and economic espionage. According to the indictment, Chen, and other agents of UMC, hired former Micron employees who stole Micron's trade secrets and used those trade secrets to enhance UMC's Dram technologies. When news of the indictment reached the market, UMC's ADR prices feel nearly 10% over the next two trading sessions to close at $1.71 per share on November 5, 2018.
UMC Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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