MEMC Shareholders Lose Suit Over Factory Problems

By Mike Cherney

Law360, New York (March 10, 2010, 1:19 PM ET) -- A federal judge has dismissed two consolidated class actions alleging solar cell maker MEMC Electronic Materials Inc. violated securities laws when it delayed disclosing production problems, including a fire, at two factories in Texas and Italy.

Judge Carol Jackson of the U.S. District Court for the Eastern District of Missouri issued the ruling Monday, saying federal law does not require MEMC to tell investors about the issues earlier than it did, which was about a month after the problems occurred.

The case surrounds a regulatory filing...
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