Glancy Prongay & Murray LLP Announces Investigation on Behalf of Microchip Technology Incorporated Investors
LOS ANGELES--(BUSINESS WIRE)--Sep 6, 2018--Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of Microchip Technology Incorporated (“Microchip” or the “Company”) (NASDAQ: MCHP ) investors concerning the Company and its officers’ possible violations of federal securities laws.
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On May 29, 2018, Microchip announced the completion of its acquisition of Microsemi Corporation (“Microsemi”), and promised investors hundreds of millions of dollars in synergies from the combination of Microchip and Microsemi. However, just months later, on August 9, 2018, Microchip disclosed that the Company was “adversely impacted by $226.9 million of Microsemi purchase accounting, restructuring and other charges,” and furthermore that “Microsemi was extremely aggressive in shipping inventory into the distribution channel.” On this news shares of Microchip declined sharply in value, falling $10.67 per share, or over 10% to close on August 10, 2018 at $87.41 per share.
If you purchased Microchip securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley F. 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 email@example.com, 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.
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CONTACT: Glancy Prongay & Murray LLP, Los Angeles/New York
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
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PUB: 09/06/2018 05:05 PM/DISC: 09/06/2018 05:05 PM