SHAREHOLDER ALERT: Schubert Firm Investigating Possible Breaches of Fiduciary Duty by Microchip Technology Inc. Officers and Directors

SAN FRANCISCO, April 1, 2020 /PRNewswire/ -- Schubert Jonckheer & Kolbe LLP is investigating potential shareholder derivative claims on behalf of stockholders of Microchip Technology Inc. (NASDAQ: MCHP) ("Microchip") related to the company's statements to shareholders and the market concerning its 2018 merger with Microsemi Corporation ("Microsemi").

Microchip is a chip manufacturer headquartered in Chandler, Arizona. On March 1, 2018, Microchip announced its intent to acquire Microsemi, another chip manufacturer, for $10.15 billion, and the transaction closed on May 29, 2018. On August 9, 2018, Microchip announced that it had discovered substantial inventory in Microsemi's distribution channel, substantially reducing the company's net free cash flow and its ability to rapidly service debt assumed to pay for the merger. These disclosures caused a substantial decline in the price of Microchip stock, and a securities class action lawsuit was promptly filed on behalf of damaged investors in federal court in Arizona. By order dated March 11, 2020, the motion to dismiss the securities class action lawsuit was denied in part. The court held that the complaint alleged with sufficient particularity that the defendants made false and misleading statements to the market related to Microsemi's inventory, and that they did so with scienter, or intent to defraud investors.   

The Schubert Firm is investigating potential derivative claims based on harm the company has suffered as a result of potential breaches of fiduciary duty by the company's officers and directors. For more information, please visit our website at http://www.classactionlawyers.com/microchip

If you currently own stock in Microchip Technology and wish to obtain additional information about shareholder claims and your legal rights, please contact us today.

About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolbe represents shareholders, employees, and consumers in class actions against corporate defendants, as well as shareholders in derivative actions against their officers and directors. The firm is based in San Francisco, and with the help of co-counsel, litigates cases nationwide.

Contact
Willem F. Jonckheer
Schubert Jonckheer & Kolbe
[email protected] 
Tel: 415-788-4220

SOURCE Schubert Jonckheer & Kolbe LLP