Why United Microelectronics Stock Jumped Today
Shares of United Microelectronics (NYSE: UMC) were up by 10% as of 3 p.m. EDT today, after the company said it expects to settle a criminal lawsuit soon. The U.S. Department of Justice (DOJ) had filed the lawsuit in 2018 alleging that the company was part of a conspiracy to steal trade secrets from Micron Technology (NASDAQ: MU).
In a regulatory filing, United Microelectronics said that it has been negotiating a settlement with the DOJ and "anticipates reaching a resolution with DOJ in the foreseeable future." The tech company has proposed a deal in which it would plead guilty to a lesser charge and pay a $60 million fine.
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Source Fool.com
