Micron Technology, Inc. (MU) Accused of Engaging in Price-Fixing Conspiracy

According to the complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between June 22, 2018 and November 19, 2018, on May 15, 2018, the Chinese State Administration for Market Regulation ("SAMR") notified Micron Technology, Inc. (MU) that it was investigating potential collusion and other anticompetitive conduct by dynamic random-access memory ("DRAM") suppliers in China. Micron disclosed only limited information about the SAMR investigation on October 15, 2018. On November 19, 2018, the Financial Times reported that investigators in China had found "massive evidence" of anticompetitive behavior by the world's top three makers of computer memory chips - Micron, Samsung Electronics, and SK Hynix. The article further revealed that Beijing could impose fines of more than $2.5bn on each of the three chipmakers if they are found to have fixed prices. On this news, Micron's stock fell nearly 7% to close at $36.83 per share on November 19, 2018.

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