Photronics, Inc. Lawsuit Submission Form

Key Facts About Photronics, Inc. (NASDAQ: PLAB)

● The Allegation: The complaint alleges that Photronics touted robust, healthy, and growing demand for its high-end integrated circuit (IC) photomask products while allegedly concealing that its high-end chip design release pipeline was experiencing severe bottlenecks tied to elevated foundry utilization rates and cost pressures, rendering its forward growth expectations unachievable.

● The Stock Drop: On May 28, 2026, PLAB fell $19.49 (approximately 36.42%) to $34.02 per share in a single day, after Photronics reported second quarter fiscal 2026 results below internal and external expectations, including an 11% sequential collapse in IC revenue, and issued third quarter guidance below market consensus.

● Class Period & Defendants: The class period runs from December 10, 2025 through May 27, 2026, inclusive. The named defendants are Photronics, Inc., George C. Macricostas (Chief Executive Officer and Executive Chairman), Eric Rivera (Chief Financial Officer, Vice President, and Corporate Controller, who served as Principal Accounting Officer until January 12, 2026 and as President from January 12, 2026 through the end of the class period), and KangJyh Lee (President of PDMC and a Director of Photronics).

● Lead Plaintiff Deadline: The deadline to apply to serve as lead plaintiff is September 4, 2026. No action is required before the deadline to remain a potential class member. Action is only needed if you wish to seek appointment as lead plaintiff.

Photronics Class Action Summary
Company	Photronics, Inc. (NASDAQ: PLAB)
Lead Plaintiff Deadline	September 4, 2026
Class Period	December 10, 2025 – May 27, 2026
Stock Drop	May 28, 2026 – PLAB fell $19.49 (36.42%) to $34.02

Introduction

A securities class action lawsuit has been filed against Photronics, Inc. (NASDAQ: PLAB) by plaintiff Vaughn Cooper. The lawsuit covers investors who bought Photronics securities from December 10, 2025 through May 27, 2026.

The complaint alleges that Photronics made materially false and misleading statements about demand for its high-end IC photomask products. The company praised robust global order patterns and a strong high-end product mix. But the lawsuit claims Photronics hid a critical bottleneck in its design release pipeline. Plaintiffs allege this stalled the growth expectations defendants promoted to investors.

On May 28, 2026, Photronics announced weak second quarter results and issued third quarter guidance below market consensus. Its stock fell from $53.51 per share to $34.02 per share in a single day. The complaint alleges that investors suffered losses when the alleged truth was disclosed and the stock price declined.

Company Profile

Photronics, Inc. is a global manufacturer of photomasks, which are microscopic circuit patterns contained on precise glass or quartz plates. These photomasks are a necessary element in the manufacturing of integrated circuits (ICs) and flat panel displays (FPDs). The company, headquartered in Brookfield, Connecticut, describes itself as the only U.S. headquartered company that can produce trusted masks, operating what it calls the only commercial high-end U.S. trusted mask facility in Boise.

Class Period

December 10, 2025–May 27, 2026

Investors who purchased or acquired Photronics, Inc. (PLAB) securities during the Class Period may be eligible to seek recovery under the federal securities laws.

Allegations

The complaint alleges that throughout the class period, Photronics and its senior executives provided investors with overwhelmingly positive statements about the company's expected revenue and the growth prospects of its high-end IC photomask product line. Defendants emphasized Photronics' position as the only U.S. headquartered company that can produce trusted masks, operating the only commercial high-end U.S. trusted mask facility, and framed the company as uniquely positioned to capitalize on what it described as growing, healthy, and robust high-end demand.

On December 10, 2025, Photronics announced fourth quarter and full year fiscal 2025 results and issued first quarter fiscal 2026 guidance of $217 million to $225 million in revenue. On the accompanying earnings call, Chief Executive Officer George C. Macricostas touted strong financial results and a quarterly record in high-end IC, while KangJyh Lee described growing high-end demand in the United States and predicted increasing market share. Chief Financial Officer Eric Rivera pointed to strong order patterns globally and a favorable reshoring demand environment.

The complaint alleges these representations continued on February 25 and 27, 2026, when Photronics reported first quarter results and management forecast that high-end strength would continue and that order demand remained healthy enough to partially mitigate the seasonal impact following Chinese New Year. According to the complaint, Lee characterized the anticipated post-holiday slowdown as only a minor, temporary seasonal effect, and Rivera projected margins would remain relatively flat or slightly improving.

The lawsuit claims these statements were materially false and misleading. Plaintiffs allege that Photronics' high-end chip design release pipeline was experiencing severe, ongoing bottlenecks due to elevated foundry utilization rates and equipment cost pressures, and that the seasonal recovery and design release momentum the company claimed would develop had stalled. The complaint alleges defendants knew or recklessly disregarded these adverse facts, including non-public information about customer foundry capacity constraints, customer tape-out schedules, planned product launch delays, and the general deceleration of high-end IC photomask orders.

The Truth Emerges

On May 28, 2026, Photronics announced financial results for the second quarter of fiscal 2026 that fell well below both internal projections and external market consensus. Revenue came in at $209.9 million, down 6.7% sequentially, and IC revenue declined 11% sequentially to $147.5 million. Management attributed the shortfall to delayed design releases, elevated fab utilization rates, memory supply constraints, and geopolitical uncertainty, acknowledging that the seasonal recovery following Chinese New Year had not occurred to the extent anticipated.

According to the complaint, the disclosure directly contradicted the company's prior assurances. Where defendants had previously described high-end demand as robust and healthy and minimized post-holiday seasonality as a minor effect, management stated that the slowdown after Chinese New Year was much longer than anticipated and that visibility on the timing of design releases remained limited. Photronics also issued third quarter guidance below consensus, projecting revenue of $207 million to $215 million and continued margin compression, with operating margin projected between 18% and 20%, down from 24.4% in the prior quarter.

Analysts following the company responded by cutting their price targets. One firm reduced its target by 20% to $44, highlighting the 21% sequential decline in high-end IC revenue and margin compression tied to rising depreciation on a smaller revenue base. Another firm cut its target by 12.5% to $42, pointing to the disappointing results and soft guidance. The complaint alleges the depth of analyst commentary confirms that the market placed significant weight on Photronics' prior revenue and margin estimates.

Market Reaction

Investors and analysts reacted immediately to the second quarter disclosure. From a closing price of $53.51 per share on May 27, 2026, Photronics' common stock fell to $34.02 per share on May 28, 2026, a decline of approximately 36.42% in the span of a single trading day. According to the complaint, this sharp drop reflected the market absorbing the news that the company's core IC business had faltered and that its high-end demand had failed to match the growth expectations defendants had promoted throughout the class period.

Next Steps

● Lead Plaintiff Deadline: September 4, 2026

● After the lead plaintiff deadline, the Court will consider any lead plaintiff motions.

● Defendants may file a motion to dismiss.

● If the case proceeds, the Court may later consider class certification.

Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. No specific outcomes are guaranteed.

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Step 2 of 3

Certification of Plaintiff Pursuant to Federal Securities Laws

I, duly certify and say, as to the claims asserted under the federal securities laws, that:

I have reviewed a complaint filed in the action.
I did not purchase the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this action.
I am willing to serve as a representative party on behalf of the class, including providing testimony at deposition and trial, if necessary.
My transaction(s) in Photronics, Inc. which are the subject of this litigation during the class period set forth in the complaint are set forth in the chart attached hereto.
Within the last 3 years,
I have not sought to serve nor have I served as a class representative in any federal securities fraud case. I have sought to serve as a class representative in
I will not accept any payment for serving as a representative party on behalf of the class beyond the Plaintiff's pro rata share of any recovery, except as ordered or approved by the court, including any award for reasonable costs and expenses (including lost wages) directly relating to the representation of the class.

Are you US Citizen?

Yes. I certify under penalty of perjury that the foregoing is true and correct. Executed this No. I certify under penalty of perjury under the laws of the United States of America that the foregoing is true and correct. Executed this

Clear

Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

By your signature above, you confirm that have retained Levi & Korsinsky, LLP to represent you and the shareholder class as a lead plaintiff in the pending class action against Photronics, Inc. This representation will be on a contingency basis, meaning that Levi & Korsinsky will advance all expenses in the litigation and will only seek compensation and/or reimbursement of expenses if the firm obtains a recovery. Regardless of the result, we will never ask you to directly pay for any attorneys’ fees, expenses, or costs. Should we obtain a favorable result, we may ask the court to award us compensation and reimbursement of expenses to be paid by the defendants or as a portion of any class recovery. In exchange for our representation, you agree to cooperate as our client by providing, for example, relevant documents and deposition testimony, if necessary. During the course of this litigation, we may employ and/or work with other law firms, experts, and third-parties to successfully prosecute this action. If you are not appointed as the lead plaintiff or Levi & Korsinsky is not appointed as lead counsel, we will notify you of such decision at which time this representation will end unless otherwise extended by you and the firm. We look forward to working with you towards a successful resolution of this action.

I have reviewed the complaint linked in paragraph 1