LOS ANGELES, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) 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.
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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 Company’s 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 Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Microsemi’s financial performance was underperforming Microchip’s expectations; and (2) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, including positive statements about Microsemi, were materially misleading and/or lacked a reasonable basis.
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If you purchased shares of Microchip, you may move the Court no later than November 16, 2018 to ask the Court to appoint you as lead plaintiff. 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 Lesley 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 shareholders@glancylaw.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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Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
www.glancylaw.com
shareholders@glancylaw.com