July 28, 2022

Court Grants Final Approval of $9 Million Microchip Settlement

On June 27, 2022, the United States District Court for the District of Arizona granted final approval of a class-wide settlement resolving federal securities fraud claims against Microchip Technology Inc., a publicly-traded semiconductor company (NASDAQ: MCHP) and certain of its officers in exchange for a cash payment of $9,000,000 for the benefit of the certified class.  The lawsuit, in which Wolf Popper LLP served as the court-appointed Lead Counsel and Class Counsel, alleged that, between March 2, 2018 to August 9, 2018, the defendants disseminated materially misleading information to the investing public regarding Microchip’s 2018 acquisition of another semiconductor business, Microsemi Corporation.  

In approving the settlement, Senior United States District Judge Roslyn O. Silver found that the plan of allocation distributing the settlement proceeds to class members was “in all respects, fair and reasonable to the Class,” and that Wolf Popper “conducted the Litigation and achieved the Settlement with skill, perseverance and diligent advocacy.”  

Further information about the case and the $9 million settlement is obtainable here or by contacting Robert C. Finkel or Joshua W. Ruthizer.

The now-resolved case is Jackson v. Microchip Technology Inc., Civil Action No. 18-2914 (D. Ariz.).