New York — A securities law firm, Bleichmar Fonti & Auld LLP, has recently filed a lawsuit against ASML Holding N.V., a prominent player in the semiconductor industry, and several of its top executives. The lawsuit, initiated on behalf of investors in ASML securities, alleges breaches of federal securities laws, focusing primarily on the deceptive assurance regarding the impact of new export controls on the company’s financial health.
The litigation, officially titled City of Hollywood Firefighters’ Pension Fund v. ASML Holding N.V., et al., was lodged in the U.S. District Court for the Southern District of New York and carries the case number 24-cv-8664. The plaintiffs contend that misleading statements by ASML masked the true risks posed by the Dutch government’s recent export controls on semiconductor technology, which ASML initially claimed would not significantly disrupt their financial trajectory.
Investors affected by these events have until January 13, 2025, to petition the court for a lead plaintiff status in the lawsuit. The claim highlights potential violations under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, suggesting an orchestrated misinformation strategy by ASML executives concerning the company’s market recovery and financial outlook.
The issues came to light when ASML reported considerably lower earnings than anticipated on October 15, 2024. The company attributed this downturn to a slower than expected market recovery, a disclosure that led to a 16% plunge in ASML’s stock price the following day. Further revelations during an earnings call on October 16, 2024, implicated prolonged sales declines in China and a cautious customer base in traditional markets, contributing to a further 6.4% drop in stock value.
Amid these financial revelations, shareholders suffered considerable losses, prompting legal action by Bleichmar Fonti & Auld LLP, known for representing plaintiffs in class-action and shareholder litigation. In 2023, the firm was recognized among the top five plaintiff law firms, and its attorneys have earned significant accolades in the legal community, including designations as Titans of the Plaintiffs’ Bar by Law360.
As the legal proceedings evolve, investors in ASML are urged to come forward and participate in the lawsuit if they have incurred losses due to these alleged securities violations. All legal services provided in connection with the case are on a contingency fee basis, meaning that plaintiffs are not responsible for any upfront legal fees or litigation expenses.
For those interested in learning more about the case or in submitting information as affected shareholders, further details are available by contacting Ross Shikowitz at ross@bfalaw.com or by phone at 212-789-3619.
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