SAN DIEGO, Dec. 20, 2024 (GLOBE NEWSWIRE) — DiCello Levitt LLP announces that it is investigating whether Micron Technologies, Inc. (“Micron” or the “Company”) (NASDAQ: MU) violated the federal securities laws, issued false and/or misleading statements, and/or failed to disclose information required to be disclosed to investors.
Investors who purchased Micron securities from September 2024 to the present and those with information about the allegations are encouraged to obtain additional information and assist the firm’s investigation by contacting DiCello Levitt attorneys Brian O’Mara or Ruben Peña by calling (888) 287-9005 or emailing [email protected].
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Investigation Details:
Micron designs, develops, manufactures, and distributes computer memory and data storage solutions for artificial intelligence (“AI”), data centers, personal computers, automotives, and mobile phones. DiCello Levitt is investigating whether the Company made false and misleading statements regarding demand for Micron’s microchips for its consumer markets.
On December 18, 2024, Micron announced financial results for its first quarter of fiscal year (“FY”) 2025 and issued disappointing guidance for its second quarter of FY 2025. In response to the announcement, securities analysts commented on the reduced guidance and lowered their price targets for Micron stock given the weakness in the Company’s consumer chips business. For example, UBS wrote that “[g]uidance was below even the most bearish bogeys we heard into the report, with the company citing ongoing malaise in consumer markets.” Similarly, a Bank of America analyst indicated Micron’s revenue from sales of its AI memory chips cannot offset the “downward pressure” caused by weak demand for those used in personal computers and smartphones.
On this news, the price of Micron common stock fell by $16.81 per share, from a closing price of $103.90 per share on December 18, 2024, to a closing price of $87.09 per share on December 19, 2024, a decline of 16.2% on heavy volume.
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