SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

February 12, 2016 20:08 ET

SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in Tower Semiconductor Ltd. to Contact the Firm Before Lead Plaintiff Deadline

NEW YORK, NY--(Marketwired - February 12, 2016) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tower Semiconductor Ltd. ("Tower Semiconductor" or the "Company") (NASDAQ: TSEM) of the March 22, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.

The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Tower Semiconductor securities between April 30, 2012 and January 13, 2016 (the "Class Period"). The case, Brandon Walker v. Tower Semiconductor Ltd et al, No. 16-cv-00487 was filed on January 22, 2016, and has been assigned to Judge Christina A. Snyder.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by issuing false and/or misleading statements and/or failed to disclose that: (1) the value of net tangible assets of the acquisition of TowerJazz Japan Ltd. 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 was artificially inflated; (3) the Series F Debentures were incorrectly accounted for to understate debt; and (4) as a result, Defendants' statements about Tower Semiconductor's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Specifically, On January 14, 2016, Spruce Point Capital Management issued a report about the Company in connection with the aforementioned violations.

On this news, share price fell $1.23 per share to close at $11.24 per share on January 14, 2016, a 9.86% drop in share price.

Request more information now by clicking here: www.faruqilaw.com/TSEM. There is no cost or obligation to you.

Take Action

If you invested in Tower Semiconductor securities between April 30, 2012 and January 13, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/TSEM. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Tower Semiconductor 's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. 

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

Contact Information

  • FARUQI & FARUQI, LLP
    685 Third Avenue, 26th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
    rgonnello@faruqilaw.com
    Telephone: (877) 247-4292 or (212) 983-9330