SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on
Their Investment in Nam Tai Electronics, Inc. of Class Action Lawsuit and
Upcoming Deadline -- NTE
NEW YORK, June 28, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP has filed a class action lawsuit against Nam Tai
Electronics, Inc. ("Nam Tai" or the "Company") (NYSE:NTE) and certain of its
officers. The class action, filed in United States District Court, Southern
District of New York, and docketed under 13 CV 3371, is on behalf of a class
consisting of all persons or entities who purchased or otherwise acquired
securities of Nam Tai between August 6, 2012 and April 26, 2013, both dates
inclusive (the "Class Period"). This class action seeks to recover damages
against the Company and certain of its officers and directors as a result of
alleged violations of the federal securities laws pursuant to Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
If you are a shareholder who purchased Nam Tai securities during the Class
Period, you have until July 16, 2013 to ask the Court to appoint you as Lead
Plaintiff for the class.A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at
firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.There is no out of pocket
cost to you for your participation.
Nam Tai is an electronics design and manufacturing services provider to
original equipment manufacturers ("OEMs").The Company manufactures cell
phones, palm-sized PCs, personal digital assistants, electronic dictionaries,
calculators, digital camera accessories, components including liquid crystal
display modules ("LCMs") and panels, radio frequency modules, and flexible
printed circuit subassemblies.
The Complaint alleges that throughout the Class Period, Defendants made false
and/or misleading statements, as well as failed to disclose material adverse
facts about the Company's business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to disclose
that: (1) intense competition had forced the Company to lower its unit sales
prices, thereby threatening the Company's future profitability;
(2)anticipated cancellation and fluctuation of orders by its key customers
would cause it to halt capital investment into technology platforms; (3)Due
to declining margins and volatility, the Company would have to halt its best
quality LCM production operations services in both its Shenzhen and Wuxi
manufacturing facilities in order to minimize further losses and preserve
cash; and (4) as a result of the foregoing, the Company's statements were
materially false and misleading at all relevant times.
On April 29, 2013, the Company disclosed that customer orders for its liquid
crystal display modules were much lower than originally anticipated.The
Company noted that it relies on a very small number of customers forcing it to
lower its prices to meet customers' needs.Furthermore, the Company disclosed
that it was considering halting its best quality LCM production operations
service in both its Shenzhen and Wuxi manufacturing facilities by the end of
June 2013 in order to minimize further losses and preserve cash.On this news,
the Company's shares declined $3.58 per share, or over 31.6%, to close at
$7.75 per share on April 29, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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