NEW YORK, Sept. 18, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of Arizona on behalf of persons and/or entities that acquired Microchip Technology Inc. (“Microchip” or the “Company”) (NASDAQ: MCHP) securities between March 2, 2018 and August 9, 2018, inclusive (the “Class Period”).
Investors who have incurred losses in the shares of Microchip Technology Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Microchip Technology Inc., you may, no later than November 16, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Microchip Technology Inc.
The filed complaint 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:
- that Microsemi Corporation’s financial performance was underperforming Microchip’s expectations; and
- that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, including positive statements about Microsemi Corporation, were materially misleading and/or lacked a reasonable basis.
On May 31, 2018, Microchip promised investors hundreds of millions of dollars in synergies following its acquisition of Microsemi Corporation. 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.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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