NEW YORK, Oct. 18, 2018 /PRNewswire/ -- On September 14, 2018, Wolf Popper LLP filed a class action complaint on behalf of investors in Microchip Technology Inc. MCHP.  If you are a member of the Class, you may file a motion to be appointed lead plaintiff no later than November 16, 2018.

During the period March 2, 2018 through August 9, 2018, Microchip misrepresented that its Microsemi Corp. acquisition would be "immediately accretive" by increasing Microchip's earnings per share.  On August 9, 2018, Microchip's stock dropped $10.67 per share after Microchip admitted that it had failed to conduct adequate due diligence prior to its acquisition of Microsemi and had been unaware 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."

Wolf Popper is also investigating potential securities fraud claims on behalf of investors in Astec Industries, Inc.

On July 24, 2018, Astec disclosed that it was exiting from its contractual obligations regarding a wood pellet plant in Arkansas "driven by unresolved issues."  Consequently, Astec "agreed to pay $68 million in cash in the aggregate over the course of the next 120 days and forgive approximately $7 million in receivables." 

Astec and Microchip investors should contact Fei-Lu Qian at 877.370.7703 or at fqian@wolfpopper.com.

Wolf Popper has successfully recovered billions of dollars for defrauded investors.  The firm's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation.  See www.wolfpopper.com.

Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome.

Wolf Popper LLP
Fei-Lu Qian
845 Third Avenue
New York, NY 10022
Tel.: 877.370.7703
Fax: 877.370.7704
Email: fqian@wolfpopper.com

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SOURCE Wolf Popper LLP