Glancy Prongay & Murray LLP Files a Securities Class Action on Behalf of Microchip Technology Inc. Investors (MCHP)
LOS ANGELES--(BUSINESS WIRE)--Sep 17, 2018--National law firm Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the District of Arizona on behalf of persons and/or entities that acquired Microchip Technology Inc. (“Microchip” or the “Company”) (NASDAQ: MCHP ) securities between May 31, 2018 and August 9, 2018, inclusive (the “Class Period”). Plaintiff pursues claims against the Defendants, under the Securities Exchange Act of 1934.
Microchip investors are hereby notified that they have 60 daysfrom the date of this notice to move the Court to serve as lead plaintiff in this action.
If you are a shareholder who suffered a loss, click here to participate.
On May 31, 2018, Microchip promised investors hundreds of millions of dollars in synergies following its acquisition of Microsemi Corporation (“Microsemi”). However, just months later, on August 9, 2018, Microchip disclosed that the Company’s financial performance was adversely impacted by the acquisition of Microsemi. On this news, shares of Microchip declined sharply in value, falling $10.67 per share, more than 10%, to close on August 10, 2018 at $87.41 per share, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Microsemi’s financial performance was underperforming Microchip’s expectations; and (2) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, including positive statements about Microsemi, were materially misleading and/or lacked a reasonable basis.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased Microchip securities during the Class Period, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180917005851/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
Copyright Business Wire 2018.
PUB: 09/17/2018 09:19 PM/DISC: 09/17/2018 09:19 PM