8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549





                                    Form 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  January 7, 2004
                                                   ---------------


                           Ibis Technology Corporation
             (Exact name of registrant as specified in its charter)






Massachusetts                       0-23150            04-2987600
(State or other jurisdiction       (Commission         (IRS Employer
of incorporation)                   File Number)       Identification No.)



32 Cherry Hill Drive, Danvers, Massachusetts  01923
- ---------------------------------------------------
(Address of principal executive offices)    (Zip Code)



Registrant's telephone number, including area code:  (978) 777-4247
                                                     --------------






Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits

(c) Exhibits.

Exhibit 99.1:  Press Release dated January 7, 2004

Item 9.  Regulation FD Disclosure

Ibis Technology Corporation today announced that it has learned that a purported
class action lawsuit was filed on December 29, 2003 in the United States
District Court in Massachusetts against Ibis Technology and Martin J. Reid, its
President and CEO, relating to certain disclosures by the Company. The Company's
press release dated January 7, 2004 announcing this class action is attached
hereto as Exhibit 99.1.

Ibis' website (www.ibis.com) contains a significant amount of information about
Ibis, including financial and other information for investors. Ibis encourages
investors to visit its web site from time to time, as information is updated and
new information is posted.














                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                           IBIS TECHNOLOGY CORPORATION
                                           ---------------------------

Date:  January 7, 2004                         /s/Debra L. Nelson
                                        ----------------------------------------
                                        Debra L. Nelson, Chief Financial Officer











                                  EXHIBIT INDEX
                                  -------------
Exhibit
Number                     Description
- ------                     -----------

99.1                       Purported Class Action Filed Against Ibis Technology
                           and its Chief Executive Officer

EX-99

                                                                   Exhibit 99.1

Purported Class Action Filed Against Ibis Technology and its Chief
Executive Officer

    DANVERS, Mass.--(BUSINESS WIRE)--Jan. 7, 2004--Ibis Technology
Corporation (Nasdaq NM: IBIS), the leading provider of SIMOX-SOI
implantation equipment and SIMOX-SOI wafers to the worldwide
semiconductor industry, today announced that it has learned that a
purported class action lawsuit was filed on December 29, 2003 in the
United States District Court in the District of Massachusetts against
Ibis Technology and Martin J. Reid, its President and CEO, relating to
certain recent disclosures by the Company. The plaintiffs are seeking
unspecified damages. Ibis Technology believes that the action is
without merit, and it intends to vigorously defend against the suit.

    About Ibis Technology

    Ibis Technology Corporation is the leading provider of oxygen
implanters for the production of SIMOX-SOI
(Separation-by-Implantation-of-Oxygen Silicon-On-Insulator) wafers for
the worldwide semiconductor industry. The company is also the world's
leading producer of SIMOX-SOI wafers. Headquartered in Danvers,
Massachusetts, the company maintains an office in Aptos, California,
as well. Ibis Technology is traded on the Nasdaq National Market under
the symbol IBIS. Information about Ibis Technology Corporation and
SIMOX-SOI is available on Ibis' web site at www.ibis.com.

    "Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995

    Ibis Technology cannot predict the outcome of the lawsuit filed
against Ibis Technology and its CEO. Statements in this press release
regarding this litigation, and any other statements about Ibis
Technology's management's future expectations, beliefs, goals, plans
or prospects, may contain forward-looking statements that are subject
to certain risks and uncertainties. Such statements are based upon
management's current expectations and are subject to risks and
uncertainties that could cause actual results to differ materially
from those set forth in or implied by forward-looking statements,
including, but not limited to, product demand and market acceptance
risks, general economic conditions, the impact of competitive
products, technologies and pricing, the impact of rapidly changing
technology, equipment capacity and supply constraints or difficulties,
limitations on the ability to protect the Company's patents and
proprietary technology, the Company's limited history with regard to
sales of implanters, the cyclical nature of the semiconductor
industry, and other risks and risk factors described in the Company's
Securities and Exchange Commission filings from time to time,
including but not limited to, the Company's Annual Report on Form 10-K
for the year ended December 31, 2002. All information set forth in
this press release is as of January 7, 2004, and Ibis undertakes no
duty to update this information unless required by law.

    CONTACT: Ibis Technology Corporation
             Debra L. Nelson, 978-777-4247