SAN DIEGO, Jan. 24, 2025 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Micron Technology, Inc. (NASDAQ: MU). The lawsuit seeks to recover losses on behalf of investors who acquired securities between September 28, 2023 and December 18, 2024. Investors have until March 10, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
If you incurred significant losses and want to act as the lead plaintiff in the Micron Technology class action lawsuit or determine if you are eligible to receive a potential recovery of your losses, please submit your details here: https://www.johnsonfistel.com/investigations/micron-technology-inc-2
Contact for More Information: James Baker, (619) 814-4471, jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
The Micron class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) demand for Micron's products in consumer markets, especially Micron's NAND products, had significantly deteriorated; and (ii) accordingly, defendants had overstated the extent to which demand for Micron's products had recovered, particularly in consumer markets and for its NAND products, and/or had overstated the sustainability of demand for such products, as well as the normalization of inventory for such products.
The Micron class action lawsuit further alleges that on December 18, 2024, Micron announced its financial results for the first quarter of fiscal year 2025, revealing that: (i) Micron reported a greater-than-expected revenue decline in NAND flash memory for the quarter; (ii) Micron issued disappointing guidance for the second quarter of its fiscal year 2025, including adjusted earnings between $1.33 and $1.53 per share, well below the $1.92 per share estimate; sales between $7.7 billion and $8.1 billion, with the midpoint well below the $8.99 billion estimate; and adjusted gross margins between 37.5% and 39.5%, well below the 41.3% estimate; citing weakness in Micron's consumer-oriented markets. On this news, the price of Micron common stock fell more than 16%, according to the complaint.
Investor Action Steps: Shareholders who incurred losses during the class period, have until March 10, 2025, to move the court to become a lead plaintiff in this action. A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
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Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. We also extend our services to foreign investors who have purchased on US exchanges. Stay updated with news on stock drops and learn how Johnson Fistel, LLP can help you recover your losses. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.
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Johnson Fistel, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
