According to the Complaint, Microchip Technology Incorporated ("Microchip" or the "Company") is a provider of microcontroller, mixed-signal analog and Flash-IP solutions.

On March 1, 2018, Microchip announced that it would acquire Microsemi Corp. for $8.35 billion. On May 29, 2018, Microchip announced the completion of the Microsemi acquisition. During the Class Period, Microchip represented that the Microsemi acquisition would be “immediately accretive” by increasing Microchip’s earnings per share as it “will add further operational and customer scale to Microchip.” Microchip’s CEO represented that the “deal is accretive on day one without doing anything, without any synergy,” and was “strategically and financially, a very compelling transaction.”

On August 9, 2018, Microchip's CEO admitted that Microsemi “was extremely aggressive in shipping inventory into the distribution channel” which “will provide some headwind for revenue for the next couple of quarters” for Microchip. As a result, Microchip common stock declined $10.67 or nearly 11% on August 10, 2018. The Complaint alleges that Defendants’ statements during the Class Period were materially false and misleading and that Microchip had done inadequate due diligence and was unable to make any statements concerning whether the Microsemi acquisition was “immediately accretive.”

On December 11, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on February 22, 2019. Defendants filed a Motion to Dismiss the amended Complaint on April 1. On March 11, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Lead Plaintiff filed a Motion for Class Certification on September 11. On February 22, 2021, the Court issued an Order granting Lead Plaintiff's Class Certification Motion.

The parties notified the Court that they had reached a Settlement on February 3, 2022 and anticipated submitting the Stipulation of Settlement on or before March 7, 2022. The parties entered into a Stipulation and Agreement of Settlement on March 7. The Court granted preliminary approval of the Settlement on March 11. On June 27, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On April 26, 2023, the Court issued an Order approving distribution of the Settlement proceeds.