Case Summary
Micron
NASDAQ: MU
Case Details
- Klein v. Micron Technology, Inc. et al.
- Class Period:September 28, 2023 - December 18, 2024
- Date Filed:January 09, 2025
- Jurisdiction:U.S. District Court, Southern District of Florida
- Docket Number: 9:25-cv-80040
- Lead Plaintiff Deadline: March 10, 2025
Seek Plaintiff 30
Overview
A class action lawsuit has been filed against Micron Technology, Inc. (“Micron” or the “Company”) (NASDAQ: MU) and certain of the Company’s former senior executive officers alleging violations of the federal securities laws. The Micron class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Micron common stock between September 28, 2023, and December 18, 2024, both dates inclusive (the “Class Period”). Investors have until March 10, 2025, to seek appointment as lead plaintiff in the Micron class action lawsuit.
Micron designs, develops, manufactures, and sells a range of memory and storage products, including DRAM, NAND, NOR, and high-bandwidth memory (“HBM”) semiconductor devices. These products are used across various markets, serving both consumer technologies – such as personal computers, smartphones, tablets, cameras, and similar devices – and commercial and industrial applications, including manufacturing environments and data centers. Examples of consumer memory and storage products include NAND flash memory devices like solid-state drive (SSD) cards and flash drives.
In its regulatory filings, Micron noted a sharp decline in the memory and storage industry environment starting in the fourth fiscal quarter of 2022 and continuing throughout 2023. This decline was driven by weak demand in multiple end markets, global macroeconomic challenges, and reduced customer inventory levels. These factors led to significant reductions in average selling prices for DRAM and NAND, along with lower bit shipments, causing revenue declines across all of Micron’s business segments and nearly all of its end markets.
Despite these challenges, during the Class Period, Micron’s executives repeatedly assured investors that demand for its products, including consumer-oriented and NAND products, was recovering. They also expressed confidence that the Company was on track to achieve record revenues in fiscal year 2025, citing, among other factors, artificial intelligence-related tailwinds for its HBM products.
The Micron class action lawsuit alleges that Defendants, throughout the Class Period, 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.
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If you purchased or otherwise acquired Micron common stock between September 28, 2023 and December 18, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page.
You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected].
The deadline to apply to the Court to serve as lead plaintiff in the Micron class action lawsuit is March 10, 2025.