Opinion ID: 219025
Heading Depth: 3
Heading Rank: 3

Heading: Post-Class Period Disclosures

Text: On August 5, 2008, MEMC issued a press release to warn that an impending tropical storm was currently anticipated to have approximately a two day effect on polysilicon production at the Pasadena plant. MEMC promised to issue another press release if circumstances changed. On September 11, 2008, MEMC issued a press release ... reporting that it would be shutting down the Pasadena facility until early next week due to an impending hurricane. On September 15, 2008, MEMC issued another press release about the hurricane. Gareeb told investors there was no major structural damage to the Pasadena plant and restart activities commenced as planned over the weekend, but there were some delays caused by MEMC's suppliers' own startup difficulties. On September 24, 2008, Gareeb cautioned investors that the suppliers' startup difficulties were lasting longer than MEMC had anticipated. Gareeb expressed hope that normal production would resume within the next few days but said, we now expect the cumulative impact of these delays to be approximately 15 days worth of production instead of the 5 days originally forecasted. On November 17, 2008, MEMC filed an 8-K. MEMC indicated the weak macroeconomic environment has continued to deteriorate... causing negative effects ... quickly cascading backward through global supply chains, and we cannot expect to be immune. On December 17, 2008, the company filed another 8-K revising downward its fourth quarter outlook.