Legal Eagle Review - Class Action Lawsuit Against Emcore Corporation Announced

Class Action Lawsuit Against Emcore Corporation Announced

Written by The Brualdi Law Firm

Monday, 05 January 2009

New York, New York - The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of New Mexico on behalf of purchasers of Emcore Corporation ("Emcore" or the "Company") (Nasdaq:EMKR) securities during the period between June 12, 2007 and March 17, 2008 (the "Class Period") for violations of the federal securities laws.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Emcore common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by February 23, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.

To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or visit our website at http://www.brualdilawfirm.com.

The Complaint alleges that the Defendants issued numerous materially false and misleading statements regarding Emcore's financial condition, business prospects, and revenue expectations during the Class Period. Specifically, it alleges that Emcore's public statements regarding its order backlog were false and misleading because they overstated the value of the order backlog in Emcore's terrestrial solar energy division. Those misstatements and omissions, the Complaint alleges, resulted in an artificially inflated price for Emcore's common stock during the Class Period.

On March 18, 2008, the price of Emcore's common stock dropped over 23% on news that Emcore's largest customer, Green and Gold Energy ("GGE"), which accounted for $78 million of Emcore's $86 million backlog in terrestrial solar technology, would not be able to afford those transactions.