Milberg Weiss Announces the Filing of a Class Action Lawsuit Against ATI Technologies Inc. and Certain of Its Officers and Directors

</p> <p>The law firm of Milberg Weiss Bershad & Schulman LLP announces that a class action lawsuit has been filed today on behalf of all persons who purchased or otherwise acquired the securities of ATI Technologies Inc. (“ATI” or the “Company”) (NasdaqNM: ATYT) between October 7, 2004 and June 22, 2005, inclusive (the “Class Period”), seeking remedies under the Securities Exchange Act of 1934 (the “Exchange Act”). A copy of the complaint filed in this lawsuit is available from the Court or may be viewed on Milberg Weiss’ website at: http://www.milbergweiss.com If you purchased or otherwise acquired ATI securities between October 7, 2004 and June 22, 2005 and suffered damages, you may request that the Court appoint you as lead plaintiff no later than October 17, 2005. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member will adequately represent the class. Under certain circumstances, one or more class members may act together as “lead plaintiff.” However, your ability to share in any damages awarded will not be affected by whether or not you serve as lead plaintiff. You may retain Milberg Weiss Bershad & Schulman LLP or another attorney of your choice to serve as your attorney in this matter. The case, case number 05-CV-4816, is pending in the United States District Court for the Eastern District of Pennsylvania with the Honorable Thomas N. O’Neill, Jr. against Defendants ATI, Kwok Yuen Ho (Chairman), David E. Orton (President and CEO), and Patrick G. Crowley (CFO). According to the complaint, defendants violated Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 by making a series of material misrepresentations to the market during the Class Period. The complaint alleges that ATI designs and manufactures graphics processing products and technology for desktop and notebook computers (“PCs”) and for consumer electronics. Throughout the Class Period, ATI reported strong financial results in publicly distributed press releases and in documents filed with the SEC. Additionally, defendants repeatedly issued positive guidance stating that ATI’s perceived leadership in graphics and multimedia technologies in the consumer electronics and PC markets “would continue to drive ATI’s growth in fiscal 2005.” As a result of these statements, the price of ATI’s stock was artificially inflated during the Class Period. Certain company insiders, including defendants Kwok Yuen Ho and David E. Orton, took advantage of the artificial inflation in the price of the company’s stock and each sold approximately 40% of their personally held ATI shares during the Class Period for total proceeds of more than $54 million. Ho and his wife allegedly engaged in a similar pattern of insider trading in 2000, reaping $7 million in proceeds. The truth began to emerge on June 6, 2005, when ATI warned that revenues for the third quarter of 2005 would be $530 million, 5% below the company’s guidance. The company stated that a shift in its product mix toward the lower end of the desktop and notebook market contributed to a decline in gross margin for the quarter. In addition, ATI claimed that production of integrated graphics processor products, which had margins well below the company’s average, contributed to lower profit margins and stated that it experienced lower than expected returns on certain products due to operational problems. As a result, the company lowered its forecast for the third and fourth quarters of 2005. In response to this news, the price of ATI stock fell $1.58, or 10.3%, from the previous trading day’s closing price of $15.26 per share, to close at $13.68 on June 7, 2005. On June 23, 2005, the company announced in a press release that it had suffered a net loss of $400,000 in the third quarter of 2005, compared to a profit of $49 million in the same period in 2004. Additionally, defendants lowered their forecast for the fourth quarter, predicting revenues to be approximately $550-580 million, 10% lower than previously projected, and that gross margins would be 29-30%, approximately 5% lower than defendants’ previous forecast of 34%. In response to this news, ATI’s stock price fell even further, by $0.98, or 7.6%, to close at $11.80 on June 23, 2005. On the same day, Smartmoney.com published an article stating that ATI’s disappointing results and lower forecast were partly due to the company’s “difficulty rolling out its new graphics processor, while supercharged competitor Nvidia (NVDA) is already in full production with its new high-end GeForce 7800 GTX processor. And to top it all off, ATI is sitting on a fat pile of inventory, worth some $456 million — far more than the $255 million it had at the end of fiscal 2004.” Milberg Weiss Bershad & Schulman LLP (http://www.milbergweiss.com) is a firm of more than 100 attorneys with offices in New York City, Los Angeles, Boca Raton, Delaware and Washington, D.C., and practices in major lawsuits pending in federal and state courts throughout the United States. For nearly 40 years, Milberg Weiss has played a leading role in many significant actions on behalf of defrauded investors, consumers and others. For more information about the firm, please visit the Milberg Weiss website. If you would like to discuss this action with us or have any questions about this notice or your rights and interests with respect to the matter, please contact the following attorneys: -0- *T Steven G. Schulman Peter E. Seidman Andrei V. Rado One Pennsylvania Plaza, 49th fl. New York, NY 10119-0165 Telephone number: (800) 320-5081 Email: sfeerick@milbergweiss.com Website: http://www.milbergweiss.com *T</p> <div style="margin-top: 10px; padding-top: 10px; border-top: 2px solid lightgrey;"> <div style="width: 320px; text-align: center; display: inline-table;"> <p> Ati (NASDAQ:ATYT)<br /> Historical chart of Ativo<br />From Jul 2024 to Ago 2024</p> <p><img decoding="async" data-symbol="N%5EATYT" data-period="1" data-type="15" border="0" src="http://www.bing.com/p.php?pid=staticchart&s=N%5EATYT&p=1&t=15&width=280&height=175" width="280" height="175" title="Click here for more graphics." alt="Click here for more graphics." itemprop="image"/></p></div> <div style="width: 320px; text-align: center; display: inline-table;"> <p> Ati (NASDAQ:ATYT)<br /> Historical chart of Ativo<br />From August 2023 to August 2024</p> <p><img decoding="async" data-symbol="N%5EATYT" data-period="5" data-type="15" border="0" 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