BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims against Veeco Instruments Inc. (“Veeco” or the “Company") (NASDAQ:VECO) concerning possible violations of federal securities laws.
“is in the process of evaluating the timing of recognition of revenue on the sale of certain Metal Organic Chemical Vapor Deposition (MOCVD) systems and related upgrades to these systems.”
Veeco, together with its subsidiaries, designs, manufactures and markets worldwide various equipment to make light emitting diodes and hard-disk drives. The investigation is related to allegations that certain statements issued by Veeco were false and misleading concerning the Company’s financial performance.
On November 15, 2012 Veeco issued a press release disclosing that the Company 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 30, 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 Vapor Deposition (MOCVD) systems and related upgrades to these systems.” According to the Company, if Veeco 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 16, 2012, on heavy volume of more than 2.3 million shares traded.
If you purchased Veeco securities, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.