On October 2, 2026, Barrack, Rodos & Bacine was appointed as lead counsel in Cooper v. Photronics, Inc., et al., Case No. 3:26-cv-01069-SRU, where it represents the Court-appointed lead plaintiff Joseph Littenberg and a putative class of investors that purchased shares of Photronics, Inc. between December 10, 2025 and May 27, 2026. The action is pending in the United States District Court for the District of Connecticut before the Honorable Stefan R. Underhill.
Photronics is a global manufacturer of photomasks, which are microscopic circuit patterns contained on very precise glass or quartz plates. Semiconductors, which serve as the foundational building blocks for modern electronics, computing, and digital infrastructure, have long been manufactured using photomasks. Specifically, photomasks are a necessary element in the manufacturing of integrated circuits (“ICs”) — small semiconductor devices also known as microchips — and flat panel displays used to show text, images, and videos.
The action is centered on a series of alleged false and misleading statements by Photronics and senior company executives concerning, among other things, Photronics’ expected revenue for fiscal year 2026 and growth expectations for its IC photomask product line. Defendants’ statements reflected confidence in allegedly robust global order patterns, emphasizing the company’s standing as the “only U.S. headquartered company that can produce trusted masks” and having the “only commercial high-end U.S. trusted mask facility.” Defendants further represented that the company was positioned to implement strategic capacity expansions to aggressively capitalize on the supposed “growing high-end demand” for its product. However, Photronics is alleged to have critically understated the looming impact of a seasonal downturn in sales following the Chinese New Year holiday and concealed the true state of Photronics’ high-end product pipeline, which would experience considerable delays in design releases substantially affecting Photronics’ revenue and rendering its forward growth expectations unachievable.
Following the disclosure of Photronics’ disappointing second quarter results, which revealed revenue and earnings well-below internal projections and highlighted a significant collapse of IC revenue by 11% sequentially, as well as third quarter guidance below market consensus, the trading price of Photronics stock fell precipitously from $53.51 per share on May 27, 2026 to $34.02 per share on May 28, 2026, constituting a 36.42% decline in just a single day. And over the ensuing four and ½ months, the stock price has not recovered from this drastic decline.
If you have information that you believe is pertinent to the action, we encourage you to reach out to us by contacting Mark R. Stein or Linda Border at Barrack, Rodos & Bacine, at the toll-free number 877-386-3304, or via email at investoralert@barrack.com. The firm’s work in the case will be headed by Chad Carder, Michael Toomey and Jordan Laporta.