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On September 28, 2012, Jenner & Block achieved a significant victory on behalf of its client EMCORE Corporation and several of EMCORE’s senior officers and directors, when the New Mexico federal district court granted defendants’ motion to dismiss a putative securities class action. EMCORE, a provider of semi-conductor-based products for solar power markets, was sued by plaintiffs under the federal securities laws for allegedly misstating its backlog of orders and triggering a significant decline in the price of the company’s stock when new information emerged. Following extensive briefing by the Firm’s team, the Court dismissed plaintiffs’ complaint with prejudice, accepting defendants’ arguments that plaintiffs failed to demonstrate either wrongful intent or any causal link between the reports about backlog and the subsequent decline in stock price.
The successful Jenner & Block team included Partners Michael K. Lowman, Thomas C. Newkirk and Howard S. Suskin; Associates Michael A. Hoffman and Andrew F. Merrick; and Senior Paralegal Theresa L. Busch.