SAN DIEGO & CHANDLER, Ariz.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Microchip Technology Inc. (NASDAQGS: MCHP) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between May 31, 2018 and August 9, 2018. Microchip Technology purports to be a leading provider of microcontroller, mixed signal, analog and flash IP solutions for diverse customer applications worldwide.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/microchip-technology-inc/
Microchip Technology, Inc. Accused of Failing to Disclose its Recent Acquisition Was Under-performing
According to the complaint, on May 29, 2018, Microchip Technology announced that it had completed the acquisition of Microsemi Corp. Then, on August 9, 2018, Microchip Technology released its financial results for the first financial quarter of fiscal year 2019, stating that its financial performance for the quarter ended June 30, 2018 had been "adversely impacted by $226.9 million of Microsemi purchase accounting, restructuring, and other charges." On this news, Microchip Technology's share price fell $10.67 per share, more than 10%, to close at $87.41 per share on August 10, 2018. The share price has not yet recovered and the company is currently trading at just $83.00.
Microchip Technology Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
