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Micron Misled Shareholders

According to class action filed by Robbins Arroyo LLP

Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Micron Technology, Inc. filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between June 22, 2018 and November 19, 2018.

Micron manufactures and sells memory and storage solutions worldwide.

Micron Accused of Engaging in Price-Fixing Conspiracy
Acording to the complaint, on May 15, 2018, the Chinese State Administration for Market Regulation (SAMR) notified Micron that it was investigating potential collusion and other anticompetitive conduct by DRAM suppliers in China. Micron disclosed only limited information about the SAMR investigation on October 15, 2018. On November 19, 2018, the Financial Times reported that investigators in China had found “massive evidence” of anticompetitive behavior by the world’s top three makers of computer memory chips – Micron, Samsung Electronics, and SK Hynix. The article further revealed that Beijing could impose fines of more than $2.5 billion on each of the three chip makers if they are found to have fixed prices.

On this news, Micron’s stock fell nearly 7% to close at $36.83 per share on November 19, 2018.

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