Microchip Technology, Inc. (MCHP) Accused of Failing to Disclose its Recent Acquisition Was Under-Performing
According to the recently filed complaint, on May 29, 2018, Microchip Technology, Inc. (MCHP) announced that it had completed the acquisition of Microsemi Corp. Then, on August 9, 2018, Microchip Technology released its financial results for the first financial quarter of fiscal year 2019, stating that its financial performance for the quarter ended June 30, 2018 had been “adversely impacted by $226.9 million of Microsemi purchase accounting, restructuring, and other charges.” On this news, Microchip Technology’s share price fell $10.67 per share, more than 10%, to close at $87.41 per share on August 10, 2018. The share price has not yet recovered and the company is currently trading at just $83.00.
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