Wolf Popper LLP Issues Summary Notice of Pendency of Class Action in Jackson v. Microchip Technology, Inc.

NEW YORK, Aug. 25, 2021 /PRNewswire/ --

TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED MICROCHIP TECHNOLOGY, INC. COMMON STOCK ON A U.S. OPEN MARKET DURING THE CLASS PERIOD MARCH 2, 2018, THROUGH AUGUST 9, 2018, BOTH DATES INCLUSIVE:

The United States District Court for the District of Arizona ("Court") has determined that the litigation titled Jackson v. Microchip Technology, Inc., No. 2:18-cv-02914-ROS ("Litigation") may proceed as a class action pursuant to Rule 23 of the Federal Rules of Civil Procedure. Your rights may be affected. This Summary Notice provides only limited information about the Litigation. For more information, review the full Notice of Pendency of Class Action ("Notice"), which can be obtained at www.MicrochipTechnologySecuritiesLitigation.com or by contacting A.B. Data, Ltd. ("Administrator") by email, phone, or by mail.  The Administrator's contact information is:

Microchip Technology Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173050
Milwaukee, WI  53217
[email protected]
Toll Free Number: 877-888-4851

This Summary Notice does not express any opinion by the Court as to the merits of any of the claims or defenses asserted by any party in this litigation.

Who is Included in the Class? On February 22, 2021, the Court entered an order certifying a Class and appointing Ronald Jackson ("Lead Plaintiff") as Class Representative. The Class is defined as follows:

all persons who purchased or otherwise acquired Microchip Technology, Inc. ("Microchip") common stock on a U.S. open market during the class period March 2, 2018, through August 9, 2018, both dates inclusive (the "Class Period"). Excluded from the Class are defendants in this action, Microchip, Steve Sanghi, Ganesh Moorthy, and J. Eric Bjornholt (collectively, "Defendants"), the officers and directors of the Company during the Class Period (the "Excluded D&Os"), members of Defendants' and Excluded D&Os' immediate families, legal representatives, heirs, successors or assigns and any entity in which Defendants or the Excluded D&Os have or had a controlling interest.

The Court also appointed Lead Plaintiff's counsel Wolf Popper LLP as Class Counsel and Bonnett, Fairbourn, Friedman & Balint, P.C. as Liaison Counsel.

What is this Litigation About? Lead Plaintiff's Amended Complaint for Violation of the Federal Securities Laws ("Complaint"), filed on February 22, 2019, alleges that Defendants made materially false and misleading statements during the Class Period related to Microchip's acquisition of Microsemi Corporation. Defendants expressly have denied and continue to deny all charges of wrongdoing or liability against them arising out of any of the conduct, statements, acts, or omissions alleged in the Litigation. Defendants also have denied and continue to deny the allegations that Lead Plaintiff or members of the Class have suffered damage.

What are my Rights and Options? If you or someone acting on your behalf purchased Microchip common stock during the Class Period, you are or may be a member of the Class. You have the right to decide whether to remain a member of the Class. To remain a Class member, you are not required to do anything. If you remain a Class member, you will be bound by any orders and judgment in this Litigation, whether they are favorable or unfavorable.

If you chose to exclude yourself from the Class, you will not be bound by any judgment in this Litigation and may seek to bring your own claims against the Defendants, but you will also not be entitled to a share of any money which might be recovered for the benefit of the Class. If you wish to be excluded from the Class, you must send a written request for exclusion to:

Microchip Technology Securities Litigation
EXCLUSIONS
c/o A.B. Data, Ltd.
P.O. Box 173001
Milwaukee, WI 53217

postmarked no later than November 2, 2021. To be effective, the request for exclusion must conform with the instructions and requirements in the full printed Notice. Prior to excluding yourself from the Class, you may wish to discuss with your attorney the impact of the applicable statute of limitations and statute of repose on your ability to bring individual litigation.

If You Have Questions or Want More Information? If you have any questions concerning the matter raised in this Summary Notice or the full Notice, you may contact the Administrator or address your questions to:

Robert C. Finkel
Joshua W. Ruthizer
Wolf Popper LLP
845 Third Avenue, 12^th Floor
New York, New York 10022
[email protected]
[email protected]

Please do not contact the Court, Defendants, or their counsel with questions.

Complete copies of the pleadings, orders, and other documents filed in this Litigation may be examined and copied at any time during regular office hours at the office of the Clerk of the Court, United States District Court for the District of Arizona, Sandra Day O'Connor U.S. Courthouse, 401 West Washington Street, Suite 130, SPC 1, Phoenix, AZ 85003-2118. Copies of the full Notice, and Court documents mentioned in the Notice, are also accessible at www.MicrochipTechnologySecuritiesLitigation.com. 

PLEASE DO NOT TELEPHONE OR CONTACT THE COURT OR CLERK OF THE COURT REGARDING THIS NOTICE.

THIS IS ONLY A SUMMARY NOTICE. IF YOU BELIEVE YOU MAY BE A MEMBER OF THE CLASS, YOU ARE URGED TO OBTAIN A COPY OF THE FULL NOTICE, WHICH IS ACCESSIBLE AT  WWW.MicrochipTechnologySecuritiesLitigation.com OR BY CONTACTING THE ADMINISTRATOR AT 877-888-4851 OR AT [email protected]

BY ORDER OF THE COURT
THE HONORABLE ROSLYN O. SILVER
UNITED STATES DISTRICT JUDGE

DATE OF NOTICE: AUGUST 25, 2021

Source: Wolf Popper LLP

SOURCE Wolf Popper LLP