NEW YORK, Aug. 6, 2013 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased SemiLEDs Corporation ("SemiLEDs" or the "Company") (Nasdaq: LEDS) stock between December 9, 2010 and July 12, 2011.
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The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's operations and business. Specifically, defendants failed to disclose the following facts: (i) that the Company was experiencing pricing pressures which were likely to have an adverse effect on future revenues and operating income; (ii) that SemiLEDs' financial information would likely not be indicative of future operating results because of known issues, including a reduction in demand for the Company's products, the likely (and eventual) loss of a substantial customer, and the decline in the value of inventory; and (iii) that the Company's disclosure controls were materially deficient and its representations concerning them—including certifications—were materially false and misleading.If you suffered a loss in SemiLEDs you have until September 9, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/semileds-leds/. Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.com SOURCE Levi & Korsinsky, LLP