NEW YORK, Sept. 17, 2018 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Courts of Arizona on behalf of all persons or entities who purchased or otherwise acquired Microchip Technology Incorporated (MCHP) securities between March 2, 2018 through August 9, 2018 (the “Class Period”).
The complaint alleges that throughout the Class Period, defendants 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.” 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.”
On August 9, 2018, Sanghi admitted 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.
On this news, Microchip common stock declined $10.67 or nearly 11% on August 10, 2018.
If you purchased Microchip securities during the Class Period or continue to hold shares purchased before the Class Period, have information, 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 Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Microchip Technology Incorporated lawsuit, please go to https://bespc.com/mchp/. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com