NEW YORK, Feb. 05, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Micron Technology, Inc. (“Micron” or the “Company”) (NASDAQ: MU) of the March 25, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Micron stock or options between September 26, 2017 through November 19, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/MU. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Micron securities September 26, 2017 through November 19, 2018 (the “Class Period”). The case, Rojvall v. Micron Technology, Inc., et al., No. 19-cv-00990 was filed on January 31, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that (1) that the Company engaged in anti-competitive behavior, including artificially restricting supply growth of DRAM; (2) that these anti-competitive efforts were reasonably likely to lead to regulatory scrutiny; (3) that the Company’s anti-competitive efforts artificially boosted its operating metrics; (4) that, as a result, the Company’s financial performance, including revenue, was overstated; and (5) that, as a result of the foregoing, the Company’s’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Specifically, on September 26, 2017, the Company announced its fourth quarter and full year 2017 financial results. For the full year, it reported revenue of $20.32 billion and net income of $5.09 billion. Then on November 18, 2018, the Financial Times published an article while Micron had revealed the investigation, that the Company had failed to disclose that it had actually engaged in anti-competitive behavior that the Chinese Government had found “massive evidence of.”
After the announcement, Micron’s share price fell from $39.44 per share on November 16, 2018 to a closing price of $36.83 on November 19, 2018—a $2.61 or a 6.617% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Micron’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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