A lawsuit was filed on behalf of investors in Microchip Technology Incorporated (NASDAQ: MCHP) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 10/23/2018 -- An investor, who purchased shares of Microchip Technology Incorporated (NASDAQ: MCHP), filed a lawsuit over alleged violations of Federal Securities Laws by Microchip Technology Incorporated.
Investors in shares of Microchip Technology Incorporated (NASDAQ: MCHP) have certain options and for certain investors are short and strict deadlines running. Deadline: November 16, 2018. NASDAQ: MCHP investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On March 1, 2018, Microchip announced that it would acquire Microsemi Corporation ("Microsemi") for $8.35 billion. On May 8, 2018, Microchip Technology Incorporated announced its financial results for the fourth quarter and fiscal year 2018. Microchip Technology Incorporated reported that its Total Revenue rose from over $3.4 billion for the 12 months period that ended on March 31, 2017 to over $3.98 billion for the 12 months period that ended on March 31, 2018 and that its Net Income over those respective time periods increased from $164.6 million to $255.4 million.
Then on August 9, 2018, Microchip Technology Incorporated disclosed that the Company was "adversely impacted by $226.9 million of Microsemi purchase accounting, restructuring and other charges," and that Microsemi "was extremely aggressive in shipping inventory into the distribution channel" which "will provide some headwind for revenue for the next couple of quarters" for Microchip Technology Incorporated.
The plaintiff claims that between March 2, 2018 and August 9, 2018, Microchip Technology Incorporated represented that the Microsemi acquisition would be "immediately accretive" by increasing Microchip's earnings per share as it "will add further operational and customer scale to Microchip.", and that Microchip's CEO Steven Sanghi represented that the "deal is accretive on day one without doing anything, without any synergy," and was "strategically and financially, a very compelling transaction."
Those who purchased shares of Microchip Technology Incorporated (NASDAQ: MCHP) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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