BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Microchip Technology Inc. (“Microchip” or the “Company”) (NASDAQ: MCHP) securities between May 31, 2018 and August 9, 2018, inclusive (the “Class Period”). Microchip investors have until November 16, 2018, to file a lead plaintiff motion.
Investors that suffered losses on their Microchip investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
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.
If you purchased shares of Microchip during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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