SAN DIEGO, March 15, 2020 /PRNewswire/ -- Johnson Fistel, LLP is investigating potential claims on behalf of Microchip Technology Incorporated (NASDAQ: MCHP) ("Microchip" or the "Company") against certain of its officers and directors. Specifically, a class action lawsuit pending in the United States District Court for the District of Arizona against Microchip and certain of its current and former officers recently survived, in part, certain defendants' attempts to have the case dismissed.
On March 1, 2018, Microchip announced that it would acquire Microsemi Corp. ("Microsemi") for $8.35 billion. The lawsuit alleges that during the Class Period Microchip promised investors hundreds of millions of dollars in synergies from this acquisition and the combination of Microchip and Microsemi. However, shortly after on August 9, 2018, Microchip disclosed that Microchip's due diligence of Microsemi prior to the acquisition was inadequate. On March 11, 2020, U.S. District Court Judge John J. Tuchi denied in part Microchip's motion to dismiss the amended complaint filed in the class action lawsuit, allowing the litigation to proceed.
If you are a current, long-term shareholder of Microchip holding shares before March 2, 2018, you may have standing to hold Microchip harmless from the alleged harm caused by the officers and directors of the Company by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing.
If you are interested in learning more about the investigation, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.
Additionally, if you have owned shares of Microchip since before March 2, 2018, you can [Click here to join this action]. There is no cost or obligation to you.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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