In May 1997, the case was transferred to the U.S. District Court for the District of Massachusetts, MDL # 1157, by a Multidistrict Litigation Panel order.

According to the complaint, this lawsuit is brought by Plaintiff on behalf of itself and other investors who, during the period October 4, 1995 to November 30, 1995, were tricked, misled and injured when Jeffrey Vinik, portfolio manager of the FIDELITY MAGELLAN FUND, made certain public statements touting Micron Technology, Inc., a semiconductor manufacturing company, at the same time the FIDELITY MAGELLAN FUND was, at Vinik's direction, selling shares of Micron stock it owned. Vinik's statements temporarily and artificially inflated and/or temporarily and artificially sustained the market price of Micron Technology securities during the class period, thereby allowing the FIDELITY MAGELLAN FUND to sell its Micron Technology shares at a higher price than it otherwise could have.