Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Microchip Technology, Inc. (Microchip or the Company) (NASDAQ:MCHP) of the November 16, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Microchip stock or options between March 2, 2018 and August 9, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/MCHP. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
The lawsuit has been filed in the U.S. District Court for the District of Arizona on behalf of all those who purchased Microchip common stock between March 2, 2018 and August 9, 2018 (the Class Period). The case, Jackson v. Microchip Technology Incorporated et al, Docket No. 18-cv-02914 was filed on September 14, 2018 and has been assigned to Judge John Joseph Tuchi.
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The lawsuit focuses on whether the Company and its executives violated federal securities laws by overstating and/or misleading investors about the value of its March 2018 acquisition of Microsemi Corp.
Specifically, on August 9, 2018, Company CEO Steven Sanghi admitted that Microsemi was extremely aggressive in shipping inventory into the distribution channel, a factor which would cause Microchip some headwind for revenue for the next couple of quarters.
On this announcement, Microchips share price fell from $98.08 per share on August 9, 2018 to a closing price of $87.41 per share on August 10, 2018a $10.67 or a 10.88% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Microchips conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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