NEW YORK, Sept. 18, 2018 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Microchip Technology Inc. ("Microchip " or the "Company") (NYSE: MCHP) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Microchip securities between March 2, 2018 through August 9, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/mchp.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
On March 1, 2018, Microchip revealed that it would acquire Microsemi Corp. for $8.35 billion. Later, on May 29, 2018, the Company announced the completion of the acquisition.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose adverse information about the Company's business and prospects, and specifically that: (1) the Company 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 (2) Microchip's CEO Steven Sanghi said 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 revealed 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. Consequently, Microchip stock dropped $10.67 per share or roughly 11% on August 10, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/mchp or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Microchip you have until November 16, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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