United Microelectronics Corporation (UMC) Indicted for Conspiring to Steal Trade Secrets

According to the complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between October 28, 2015 and November 1, 2018, on November 1, 2018, the U.S. Department of Justice indicted United Microelectronics Corporation (UMC), Fujian Jianhua Integrated Circuit Co. Ltd., and former Micron Technology, Inc. employee Chen Zhengkun a.k.a Stephen Chen for conspiracy to commit economic espionage, conspiracy to commit theft of trade secrets, and economic espionage. According to the indictment, Chen, and other agents of UMC, hired former Micron employees who stole Micron's trade secrets and used those trade secrets to enhance UMC's Dram technologies. When news of the indictment reached the market, UMC's ADR prices feel nearly 10% over the next two trading sessions to close at $1.71 per share on November 5, 2018.

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