NEW YORK, Aug. 10, 2018 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces it has commenced an investigation of Microchip Technology Incorporated (“MCHP” or “the Company”) (NASDAQGS: MCHP) concerning possible violations of federal securities laws.
On March 1, 2018, MCHP announced it would acquire Microsemi Corporation for a total estimated enterprise value of $10.15 billion. MCHP stated it aniticipated “achieving an estimated $300 million in synergies in the third year after close of transaction.” On May 29, 2018, MCHP announced the completion of the acquisition and reiterated its expectation of $300 million in synergies. Then on August 9, 2018, MCHP filed a Form 8-K with the U.S. Securities and Exchange Commission for its first quarter 2019 fiscal results, disclosing the Company was “adversely impacted by $226.9 million of Microsemi purchase accounting, restructuring and other charges.” In a conference call, Chairman and CEO Steve Sanghi stated that “Microsemi management was extremely aggressive in shipping inventory into the distribution channel” and that MCHP had “never seen as much excess as we found in the case of Microsemi.” Sanghi also stated that Microsemi suffered from a “culture of excessive extravagance and high spending.” To obtain additional information, go to:
http://www.zlk.com/pslra-d/microchip-technology-incorporated
or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.