Ultra Clean (US:UCTT) Prnewswire·2025-05-01 09:45Core Viewpoint - The article discusses a class action lawsuit against Ultra Clean Holdings, Inc. (NASDAQ: UCTT) due to allegations of misleading statements regarding demand for its products in the Chinese market, leading to significant stock price decline [2][3]. Group 1: Allegations and Demand Issues - The lawsuit alleges that Ultra Clean's executives provided investors with overly positive information about demand from Chinese OEMs and the domestic market, claiming increased revenue and doubling demand without indicating any potential issues [2]. - It was revealed that the company faced a "customer ramp issue" and inventory corrections, which contributed to a decline in demand in China, contradicting earlier statements [2]. - Following the release of the fourth quarter and full year 2024 fiscal results on February 24, 2025, Ultra Clean acknowledged "demand softness" in China, leading to a dramatic stock price drop from $36.06 to $25.90, a decline of over 28% in one day [2]. Group 2: Class Action Details - Shareholders who purchased UCTT shares between May 6, 2024, and February 24, 2025, are encouraged to register for the class action, with a deadline of May 23, 2025, to seek lead plaintiff status [3]. - Registered shareholders will receive updates through a portfolio monitoring software regarding the case's progress, with no cost or obligation to participate [3]. - The Gross Law Firm, which is leading the class action, aims to protect investors' rights and ensure accountability for misleading business practices [4].