MICROCHIP SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
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Microchip Technology Inc.
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Microchip Technology Inc. (NASDAQ: MCHP) between March 2, 2018 and August 9, 2018. The lawsuit seeks to recover Microchip shareholders’ investment losses.
If you purchased shares of Microchip between March 2, 2018 and August 9, 2018 and would like to join the action, please click “Join Class Action” above.
MICROCHIP CLASS ACTION: BERNSTEIN LIEBHARD LLP ANNOUNCES THAT A SECURITIES CLASS ACTION LAWSUIT HAS BEEN FILED AGAINST MICROCHIP TECHNOLOGY INC. – MCHP
September 18, 2018.
New York, New York—Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Microchip Technology Inc. (“Microchip” or the “Company”) (NASDAQ: MCHP) between March 2, 2018 and August 9, 2018, both dates inclusive (the “Class Period”). The lawsuit seeks to recover Microchip shareholders’ investment losses.
On March 1, 2018, Microchip announced that it would acquire Microsemi Corporation (“Microsemi”) for $8.35 billion.
According to the lawsuit, Microchip promised investors hundreds of millions of dollars in synergies from the combination of Microchip and Microsemi. During the Class Period, Microchip represented that the Microsemi acquisition would be “immediately accretive” by increasing Microchip’s earnings per share as it “will add further operational and customer scale to Microchip.” Microchip’s CEO Steven Sanghi represented that the “deal is accretive on day one without doing anything, without any synergy,” and was “strategically and financially, a very compelling transaction.”
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 that Microsemi “was extremely aggressive in shipping inventory into the distribution channel” which “will provide some headwind for revenue for the next couple of quarters” for Microchip.
On this news, Microchip stock fell $10.67 per share, or over 10%, from its previous closing price to close at $87.41 per share on August 10, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than November 16, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.