RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Advanced Micro Devices, Inc. (NASDAQ: AMD) (“AMD” or the “Company”) securities between February 21, 2017 and January 11, 2018, inclusive (the “Class Period”).
AMD shareholders may, no later than March 19, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of AMD and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
AMD 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 the following: (1) a fundamental security flaw in AMD’s processor chips renders them susceptible to hacking; and (2) 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.
If you are a member of the class, you may, no later than March 19, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.