SOURCE: Kaplan Fox & Kilsheimer LLP

September 16, 2008 17:30 ET

Kaplan Fox Seeks to Recover Losses for Investors Who Purchased MEMC Electronic Materials, Inc. Common Stock

NEW YORK, NY--(Marketwire - September 16, 2008) - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has filed a class action suit in the United States District Court for the Eastern District of Missouri against MEMC Electronic Materials, Inc. ("MEMC" or the "Company") (NYSE: WFR) and its Chief Executive Officer that alleges violations of the Securities Exchange Act of 1934 on behalf of purchasers of MEMC common stock during the period between June 13, 2008 through July 23, 2008, inclusive (the "Class").

The Complaint alleges that defendants failed to disclose problems MEMC was encountering at its production facilities in Italy and Texas and that because of such production issues the Company's financial results for the quarter ended June 30, 2008 would be below target.

In fact, as alleged in the Complaint, on July 23, 2008, the Company first disclosed that in early June 2008 there was a premature failure of a relatively new heat-exchanger at the Company's Merano, Italy facility which caused second quarter polysilicon output to be reduced by approximately 5%. As further alleged, at approximately the same time, on June 13, 2008, the Company's Pasadena, Texas production facility had to be significantly shut down for approximately a week because of a fire. However, as alleged, defendants failed to disclose these material production problems to investors and the impact they would have on the Company's financial results until July 23, 2008. And, upon these revelations, it is alleged the price of MEMC shares declined 22%, from $53.80 per share to $42.23 per share on much heavier than usual trading volume.

If you are a member of the proposed Class, you may move the court no later than November 17, 2008 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, or to review a copy of the complaint filed in this action, you may visit our website at www.kaplanfox.com.

Contact Information

  • If you have any questions about this Notice, the action, your rights, or
    your interests, please e-mail us at mail@kaplanfox.com or contact:

    Frederic S. Fox
    Joel B. Strauss
    Jeffrey P. Campisi
    KAPLAN FOX & KILSHEIMER LLP
    850 Third Avenue, 14th Floor
    New York, New York 10022
    (800) 290-1952
    (212) 687-1980
    Fax: (212) 687-7714
    E-mail address: mail@kaplanfox.com

    Laurence D. King
    KAPLAN FOX & KILSHEIMER LLP
    350 Sansome Street, Suite 400
    San Francisco, California 94104
    (415) 772-4700
    Fax: (415) 772-4707
    E-mail address: mail@kaplanfox.com