Levi & Korsinsky announces the commencement of a class action lawsuit in the USDC for the Central District of California on behalf of shareholders of Tower Semiconductor Ltd. (NASDAQ: TSEM) who purchased shares between April 30, 2012 and January 13, 2016.
The complaint alleges that, throughout the Class Period, Defendants issued false and misleading statements to investors and/or failed to disclose that: (1) the value of net tangible assets of the acquisition of a fabrication facility from Micron Technology Inc. was artificially inflated; (2) the value of net tangible assets of the acquisition of 51% of TowerJazz Panasonic Semiconductor Co., Ltd. from Panasonic Corporation was artificially inflated; (3) Tower’s Series F Debentures were incorrectly accounted for to understate debt; and (4) as a result, Defendants’ statements about Tower’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. If you suffered a loss in Tower Semiconductor you have until March 22, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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