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News Article

Has Veeco violated federal security laws?

It is not yet known but Glancy Binkow & Goldberg LLP are on the case
Glancy Binkow & Goldberg LLP is investigating potential claims on behalf of purchasers of the securities of Veeco Instruments concerning possible violations of federal securities laws. 

The investigation focuses on allegations that certain statements issued by Veeco were false and misleading concerning the company’s financial performance.    

Veeco, together with its subsidiaries, designs, manufactures and markets MOCVD equipments to make LEDs and hard-disk drives as well as other compound semiconductors.

On November 15th, 2012 Veeco issued a press release disclosing that it has filed a form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission, related to the company’s quarterly report on Form 10-Q for the period ended September 30th, 2012. 

The press release stated that the additional time is needed because the Company “is in the process of evaluating the timing of recognition of revenue on the sale of certain Metal Organic Chemical Vapour Deposition (MOCVD) systems and related upgrades to these systems.”  

Veeco says that if it is required to change the timing of its recognition of any revenue, “there could be a shift in revenue between accounting periods which could constitute material changes to results of operations and financial condition for various periods.”

Following this news, shares of Veeco fell $2.19, to a closing price of $26.68 on November 16th, 2012, on a heavy trading volume of more than 2.3 million shares traded.

 

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