The renowned law firm Kirby McInerney LLP has initiated an investigation into potential claims against Applied Materials, Inc. (NASDAQ: AMAT), focusing on alleged violations of federal securities laws and potential unlawful business practices by the company or certain officers.
This inquiry stems from a recent report by Reuters on November 16, 2023, revealing that Applied Materials, a prominent semiconductor equipment manufacturer, is reportedly under a U.S. criminal investigation for purportedly circumventing export restrictions concerning China’s leading chipmaker, SMIC. Three individuals familiar with the matter disclosed to Reuters that the company is under scrutiny by the Justice Department for allegedly transferring equipment to SMIC through South Korea without the requisite export licenses.
Following the release of this report, the market responded with a decline in the value of Applied Materials shares. The stock price depreciated by approximately 4%, witnessing a dip of $6.22 per share. The closing price on November 17, 2023, settled at $148.59, down from $154.81 per share.
Investors or individuals who have acquired Applied Materials securities are encouraged to engage with Thomas W. Elrod of Kirby McInerney LLP for further information or to discuss their rights and interests regarding this ongoing investigation. The firm is offering consultation without any associated cost to involved parties.
Kirby McInerney LLP, headquartered in New York, specializes in representing plaintiffs in securities, antitrust, whistleblower, and consumer litigation. The firm’s track record in advocating for shareholder rights in securities litigation has resulted in substantial recoveries, amounting to billions of dollars.
