Wolf Popper LLP Announces Proposed Settlement Involving Investors in Publicly Traded Common Stock of Microchip Technology, Inc.

NEW YORK, April 8, 2022 /PRNewswire/ -- 

There has been a proposed Settlement of the class action titled Jackson v. Microchip Technology Inc., No. 2:18-cv-02914-ROS ("Litigation") pending in the U.S. District Court for the District of Arizona ("Court"). 

A hearing will be held at 11:00 a.m. on June 22, 2022, before the Honorable Roslyn O. Silver at the United States District Court for the District of Arizona, Sandra Day O'Connor U.S. Courthouse, 401 West Washington Street, Phoenix, AZ 85003-2158, to determine whether (1) the proposed Settlement of the Litigation for the sum of $9,000,000 should be approved by the Court as fair, reasonable, and adequate; (2) the Court should approve the Plan of Allocation of Settlement proceeds as fair, reasonable, and adequate; (3) Lead Counsel should be awarded up to $2,250,000 in attorneys' fees (25% of the $9,000,000 Settlement Amount) and reimbursed for up to $800,000 of litigation expenses; (4) Lead Plaintiff should receive an award for his services to the Class and/or pursuant to 15 U.S.C. § 78u–4(a)(4) for his costs and expenses (including lost wages) directly relating to its representation of the Class in an amount not to exceed $15,000; and (5) the Court should enter the Final Judgment (or, if applicable, Alternative Judgment) dismissing the Litigation with prejudice.  The Court may change the hearing date, or order that it be held by telephonic or video conference, without further notice to the Class.  However, any changes will be posted on the Settlement Website:  www.MicrochipTechnologySecuritiesLitigation.com.

If you purchased or otherwise acquired Microchip common stock on a U.S. open market between March 2, 2018, and August 9, 2018, inclusive, your rights may be affected by this Settlement.  You may obtain, free of charge, a detailed Longform Notice of Proposed Class Action Settlement (the "Notice") and a copy of the Proof of Claim and Release form on the Settlement Website, or by contacting the Claims Administrator at 877-888-4851 (toll-free), at [email protected], or at Microchip Technology Securities Litigation, c/o A.B. Data, Ltd., P.O. Box 173050, Milwaukee, WI  53217.  All capitalized terms not defined herein are defined in the Notice.

If you are a Class Member and wish to share in the Settlement proceeds, you must complete and submit a Proof of Claim and Release form and required supporting documentation to the Claims Administrator establishing that you are entitled to recovery so that it is postmarked or submitted online at the Settlement Website by July 20, 2022.  If you fail to submit a valid Proof of Claim and Release form and supporting documentation by this deadline in accordance with the instructions in the form and Notice, you will not recover from the Net Settlement Fund, but you will nevertheless be bound by the Settlement and releases provided for therein and by the Court's Final Judgment dismissing the Litigation with prejudice.  If you are a Member of the Class and did not timely and validly request exclusion from the Class in accordance with the requirements set forth in the Notice of Pendency of Class Action that previously was disseminated, you will be bound by the Settlement and any judgment and releases entered in the Litigation, including, but not limited to, the final Judgment dismissing the Litigation with prejudice and the release of the Released Claims, whether or not you submit a Proof of Claim and Release form.

The deadline to request exclusion from the Class was November 2, 2021.  A list of requests for exclusion that were received by the Claims Administrator and accepted by the Court can be found on the Settlement Website.  If you submitted a request for exclusion that was accepted by the Court, do not submit a Claim Form.  You are not a Class Member, and your Claim Form will be rejected.

If you are a Class Member and wish to object to any aspect of the Settlement, the Plan of Allocation, the Lead Plaintiff service award, or Lead Counsel's Attorneys' Fees and Expenses Application, you must submit your written objection in the manner set forth in the Notice so that it is received no later than June 1, 2022.  Only Class Members who have submitted valid and timely written objections and provided notice of their intent to appear in accordance with the instructions in the Notice will be entitled to be heard at the hearing on June 22, 2022.

Inquiries, other than requests for the Notice, may be made to Lead Counsel for the Class at Wolf Popper LLP, 845 Third Avenue, New York, New York 10022, Tel.: (212) 759-4600.

PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, DEFENDANTS, OR THEIR COUNSEL REGARDING THIS NOTICE.

SOURCE Wolf Popper LLP