A securities class action has been filed in the USDC – S.D.FLA. against Micron Technology, Inc. (MU) (“Micron” or the “Company”), on behalf of all persons and entities that purchased or otherwise acquired Micron common stock between September 28, 2023 and December 18, 2024, both dates inclusive (the “Class Period”).
Micron designs, develops, manufactures, and sells memory and storage products, including, inter alia, dynamic random access memory (“DRAM”), NAND, NOR, and high-bandwidth memory (“HBM”) semiconductor devices. Micron’s memory and storage products are sold in various markets, with sales reported across multiple of its business units. These markets include those for consumer technologies such as personal computers (“PCs”), smartphones, tablets, cameras, and the like, as well as for commercial and industrial applications, such as in manufacturing environments and data centers. Examples of memory and storage products for consumers include, inter alia, NAND flash memory devices, such as solid-state drive (“SSD”) cards and flash drives.
The Complaint alleges that the Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) demand for Micron’s products in consumer markets, especially the Company’s NAND products, had significantly deteriorated;
(2) accordingly, Defendants had overstated the extent to which demand for Micron’s products had recovered, particularly in consumer markets and for its NAND products, and/or had overstated the sustainability of demand for such products, as well as the normalization of inventory for such products; and
(3) as a result, the Company’s public statements were materially false and misleading at all relevant times, thereby harming investors.
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