Feeds

Lawsuit claims Micron fixed memory prices

After the period probed by the DoJ, too

SANS - Survey on application security programs

US memory maker Micron has been hit with a class-action lawsuit that alleges the company and some senior executives conspired with other DRAMurai to fix prices between 24 February 2001 and 13 February 2003. That conspiracy, the complaint claims, resulted in Micron posting false and misleading financial results during the cited period to the company's benefit.

The lawsuit was filed in the Idaho District Court by San Diego lawfirm Lerach Coughlin Stoia Geller Rudman & Robbins on behalf of the City of Roseville Employees' Retirement System, EETimes reports. It alleges violations of the Securities Exchange Act of 1934 and seeks unspecified damages.

Since the Summer of 2002, the US Department of Justice has been investigating allegations of memory price-fixing that took place between April 1999 and June 2002. In 2004, it fined Infineon $160m for its role in the cartel. Subsequently, Hynix and Samsung likewise admitted their guilt and payed fines of $185m and $300m, respectively.

In November 2004, Micron coughed to the participation of certain executives in the cartel, but claimed the company as a whole was not at fault. It was able to avoid a fine by pledging to co-operate with the feds.

The latest lawsuit alleges that unnamed Micron staffers continued to be involved in price-fixing beyond the period probed by the DoJ. The complaint claims that this allowed Micron to post false earnings which inflated its share price and allowed the company to undertake a number of stock-based financial transactions with a better result than it might otherwise have achieved. The lawsuit also alleges insiders sold shares during the period, benefitting directly from the allegedly inflated share price. ®

SANS - Survey on application security programs

More from The Register

next story
Samsung Galaxy S5 fingerprint scanner hacked in just 4 DAYS
Sammy's newbie cooked slower than iPhone, also costs more to build
Leaked pics show EMBIGGENED iPhone 6 screen
Fat-fingered fanbois rejoice over Chinternet snaps
Oh no, Joe: WinPhone users already griping over 8.1 mega-update
Hang on. Which bit of Developer Preview don't you understand?
Microsoft lobs pre-release Windows Phone 8.1 at devs who dare
App makers can load it before anyone else, but if they do they're stuck with it
True optical zoom coming to HTC smartphone cameras
Time to ditch that heavy DSLR? Maybe in a year, year and a half
Rounded corners? Pah! Amazon's '3D phone has eye-tracking tech'
Now THAT'S what we call a proper new feature
Leaked photos may indicate slimmer next-generation iPad
Will iPad Air evolve into iPad Helium?
Feast your PUNY eyes on highest resolution phone display EVER
Too much pixel dust for your strained eyeballs to handle
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.