INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of United Microelectronics Corporation Investors (UMC)

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased United Microelectronics Corporation (“UMC” or the “Company”) (NYSE: UMC) securities between October 28, 2015 and November 1, 2018, inclusive (the “Class Period”). UMC investors have until May 13, 2019 to file a lead plaintiff motion.

Investors suffering losses on their UMC investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].

On November 1, 2018, UMC was indicted by the U.S. Department of Justice on charges of conspiracy to commit theft of trade secrets and economic espionage. The charges issued were in relation to a conspiracy by UMC to steal trade secrets from its competitor in the electronic industry Micron Technology, Inc. by hiring former employees of Micron who then provided the stolen trade secrets to UMC. The trade secrets were then used in relation to a DRAM project UMC had entered with Fujian Jianhua Integrated Circuit Co. Ltd. in May 2016, in which technology developed by UMC would be owned jointly by both parties.

On this news, the Company’s share price fell $0.19 per share or over 10% over two days of trading to close at $1.71 on November 5, 2018, thereby injuring investors.

The complaint filed in this class action 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 that: (1) UMC conspired with Fujian to steal trade secrets from Micron relating to its research and development of Dynamic Random-Access Memory ("DRAM"); (2) UMC hired former Micron employees for the purpose of stealing such information from Micron; (3) the foregoing conduct placed UMC and certain of its employees at an increased risk of criminal and regulatory investigation by the U.S. government; and (4) as a result, UMC’s public statements were materially false and misleading at all relevant times.

If you purchased shares of UMC, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190419005174/en/

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com