Law Offices of Howard G. Smith reminds investors of the November 16, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Microchip Technology Inc. (Microchip or the Company) (NASDAQ: MCHP) securities between March 2, 2018 and August 9, 2018, inclusive (the Class Period). Microchip investors have until November 16, 2018, to file a lead plaintiff motion.
Microchip investors suffering losses on their Microchip investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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 Companys 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 Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Microsemis financial performance was underperforming Microchips expectations; and (2) that, as a result of the foregoing, Defendants positive statements about the Companys business, operations, and prospects, including positive statements about Microsemi, were materially misleading and/or lacked a reasonable basis.
If you purchased shares of Microchip during the Class Period you may move the Court no later than November 16, 2018 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at http://www.howardsmithlaw.com.
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