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Investor Class Action Filed Against Microchip Technology Inc. for Securities Fraud Violations
Company Name: Microchip Technology Incorporated
Court: United States District Court for the District of Arizona
Case Number: 18-cv-02914
Judge: The Hon. John Joseph Tuchi
Class period: Between March 2, 2018 and August 9, 2018
Security Type: Common stock

Case Background:

On September 14, 2018, the initial complaint in this securities class action was filed against Microchip Technology Incorporated (“Microchip”), and certain of Microchip’s directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act.  

The complaint alleged that, during the class period, Microchip represented that its acquisition of Microsemi Corp. (“Microsemi”) would be “immediately accretive” by increasing Microchip’s earnings per share. Microchip’s CEO represented that the “deal is accretive on day one without doing anything, without any synergy,” and was “strategically and financially, a very compelling transaction.”

On August 9, 2018, Microchip's CEO admitted 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. As a result, Microchip common stock declined $10.67, or nearly 11%, on August 10, 2018. The complaint alleged that the defendants’ statements during the class period were materially false and misleading and that Microchip had done inadequate due diligence and was unable to make any statements concerning whether the Microsemi acquisition was “immediately accretive.”

This securities class action lawsuit was brought on behalf of all persons who purchased or otherwise acquired Microchip common stock during the class period March 2, 2018 through August 9, 2018, inclusive.

Current Status of Case:

On March 11, 2020, the Court granted in part and denied in part the defendants’ motion to dismiss the complaint, thereby allowing the action to proceed. On September 11, 2020, the lead plaintiff filed a motion for class certification.  The defendants’ filed a Response and Statement of Non-Opposition to Plaintiff’s Motion for Class Certification on October 16, 2020.  The motion for class certification has been fully briefed pending the Court’s decision.

If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-844-887-9500 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com

Please complete this form relating to your transactions for Microchip Technology Inc. (Nasdaq: MCHP) common stock between March 2, 2018 and August 9, 2018, inclusive (the “Class Period”).

You may also contact James Maro, Jr., Esq. or Adrienne Bell, Esq. at 610.667.7706 or toll free at 844.887.9500, or you may submit your information via email at info@ktmc.com, or you may click here to print a PDF of this form.

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# of Shares
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Principal Amount
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Series or CUSIP
 
 
 
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of Microchip Technology Inc. (2018) prior to the Class Period?
Are you a current or former employee of Microchip Technology Inc. (2018)?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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