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Investor Notice: Susman Heffner & Hurst LLP Has Filed Shareholder Class Action on Behalf of Emcore Corporation Shareholders

^{Published on 2008-12-24 09:36:47, Last Modified on 2008-12-24 09:37:16 - Market Wire}
 

ALBUQUERQUE, N.M.--([ BUSINESS WIRE ])--Susman Heffner & Hurst LLP has filed a class action on behalf of shareholders who purchased Emcore Corporation ("Emcore" or the "Company") (NASDAQ: EMKR) common stock from June 12, 2007, through March 17, 2008 (the "Class Period"). The case was filed in the United States District Court for the District of New Mexico.

Emcore is a provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and terrestrial solar power markets, including concentrating photovoltaic systems.

The Complaint alleges that the Defendants issued numerous materially false and misleading statements regarding Emcore's financial condition, business prospects, and revenue expectations during the Class Period. Specifically, it alleges that Emcore's public statements regarding its order backlog were false and misleading because they overstated the value of the order backlog in Emcore's terrestrial solar energy division. Those misstatements and omissions, the Complaint alleges, resulted in an artificially inflated price for Emcore's common stock during the Class Period.

On March 18, 2008, the price of Emcore's common stock dropped over 23% on news that Emcore's largest customer, Green and Gold Energy ("GGE"), which accounted for $78 million of Emcore's $86 million backlog in terrestrial solar technology, would not be able to afford those transactions.

If you purchased Emcore common stock during the Class Period and sustained damages, you may, no later than February 23, 2009, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities.

If you would like to discuss this action, this announcement, or your rights and interests, please contact Plaintiff's counsel Matthew T. Heffner of Susman Heffner & Hurst LLP.