Microchip investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Microchip is a provider of microcontroller, mixed-signal analog and Flash-IP solutions.
The Class Period commences on March 2, 2018. On March 1, 2018, after the close of the market for Microchip common stock, Microchip issued a press release announcing that it had signed a definitive agreement to acquire Microsemi Corp. (“Microsemi”) for $68.78 per share in cash.
The complaint alleges that, on August 9, 2018, Microchip announced first quarter fiscal 2019 operating results for the quarter ended June 30, 2018. The first quarter operating results included one month of Microsemi’s operating results. On a conference call conducted following the earnings announcement, Steven Sanghi, Microchip’s CEO since October 1991, acknowledged that Microchip’s due diligence on Microsemi prior to the acquisition had been inadequate and that much of Microsemi’s revenue reported prior to the merger was not supported by end user demand, but rather resulted from excess distribution into the channel.
Following this news, Microchip’s share price fell $10.67 per share, more than 10%, to close at $87.41 per share on August 10, 2018, on heavy trading volume.
The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) Microchip failed to do adequate due diligence of Microsemi’s business; and (2) as a result of the foregoing, the 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.
If you are a member of the class described above, you may no later than November 16, 2018 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. 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.
Kessler Topaz Meltzer & Check, LLP
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