There has been a proposed Settlement of claims against Defendants Microchip Technology Inc. (“Microchip”); and its then Chairman and CEO Steven Sanghi; President and COO Ganesh Moorthy; and VP and CFO J. Eric Bjornholt. The Settlement would resolve a lawsuit in which the Lead Plaintiff alleges that Defendants disseminated materially misleading information to the investing public during the March 2, 2018 to August 9, 2018 Class Period.
Defendants have agreed to pay or caused to be paid a Settlement Amount of $9,000,000. The proposed Settlement provides that the Settlement Amount, after deduction of any Court-approved attorneys’ fees and expenses, notice and administration costs, taxes, and any Court-approved Class Representative’s PSLRA Award, is to be divided among all Class Members who submit a valid Claim Form, in exchange for the settlement of this Litigation and the Releases by Class Members of claims related to the litigation.
Notice of the proposed Settlement was disseminated to Class Members starting on April 1, 2022.
For all details of the Settlement (including the definitions of all terms herein with initial caps), read the full Longform Settlement Notice, available at the settlement website.
The Court will hold a Final Settlement Hearing on June 22, 2022, at 11:00 a.m. to consider whether (1) the Court should approve: (a) the proposed Settlement as fair, reasonable, and adequate; (b) the Plan of Allocation of Settlement proceeds as fair, reasonable, and adequate; (c) the request by the lawyers representing the Class for up to 25% of the Settlement Fund in attorneys’ fees, plus actual expenses of up to $800,000; and (d) the request for a Plaintiff Award of up to $15,000; and (2) the Court should enter the Final Judgment or Alternative Judgment dismissing the Litigation with prejudice. The Court may change the date and time of the Final Settlement Hearing without notice or hold the Final Settlement Hearing by telephone of video conference. Any change to the Final Settlement Hearing will be posted on the settlement website.