Hutchinson Technology In Class Action Over False Statements

Law360, New York (October 24, 2005, 12:00 AM EDT) -- Computer hard drive maker Hutchinson Technology and its top executives have been accused of misleading investors by inflating demand for key products and using insider knowledge to sell stock prior to earnings warnings.

The suit, filed in the U.S. District Court for the District of Minnesota, represents purchasers of Hutchinson’s securities between October 4, 2004 and August 29, 2005.

In October 2004, Hutchinson announced to analysts and investors that the company had “surpassed its own financial projections” for the fiscal year ending September 26, 2004, according...
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