World News: 18:51 GMT Friday 15th March 2019. [Faruqi & Faruqi LLP via Globe Newswire via SPi World News]
NEW YORK, March 15, 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.
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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 June 22, 2018 through November 19, 2018 (the “Class Period”). The case, , No. 19-cv-00678 was filed on January 23, 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) the Chinese State Administration for Market Regulation notified Micron it was investigating dynamic random-access memory (“DRAM”) chip providers in China for potential collusion and other anti-competitive conduct; (2) Chinese investigators had found “massive evidence” of Micron’s anti-competitive behavior; (3) Micron had engaged in a price-fixing conspiracy with Samsung Electronics and SK Hynix; and (4) as a result, Micron’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Specifically, 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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Globe Newswire: 18:51 GMT Friday 15th March 2019
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