NEW YORK--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) is investigating potential claims against the board of directors of Microchip Technology Incorporated (“Microchip” or the “Company”) (NASDAQ: MCHP), concerning whether the board breached its fiduciary duties to shareholders.
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, which “was extremely aggressive in shipping inventory into the distribution channel.”
Our investigation concerns whether the Company’s board of directors breached its fiduciary duties to shareholders and/or grossly mismanaged the Company in connection with the foregoing acquisition and accounting issues.
If you own Microchip shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact Benjamin I. Sachs-Michaels, Esquire, of GPM, 712 Fifth Avenue, 31st Floor, New York, New York 10019 at (212) 935-7400 or by email to shareholders@glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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