| COMPANY |
Micron Technology, Inc. |
| COURT |
United States District Court for the Southern District of Florida |
| CASE NUMBER |
9:25cv80040 |
| JUDGE |
The Hon. Donald M. Middlebrooks |
| CLASS PERIOD |
September 28, 2023, through December 18, 2024 |
| SECURITY TYPE |
Common Stock |
LEAD PLAINTIFF DEADLINE IS MARCH 10, 2025.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
Micron designs, develops, manufactures, and sells memory and storage products, including, among others, dynamic random access memory, NAND, NOR, and high-bandwidth memory semiconductor devices.
The Class Period begins on September 28, 2023, the day after Micron issued a press release during after-market hours announcing its fiscal fourth quarter and full year 2023 results. Specifically, Micron touted in the release that “During fiscal 2023, amid a challenging environment for the memory and storage industry, Micron sustained technology leadership, launched a significant number of leading-edge products, and took decisive actions on supply and cost . . .. Our 2023 performance positions us well as a market recovery takes shape in 2024, driven by increasing demand and disciplined supply. We look forward to record industry TAM [total addressable market] revenue in 2025 as AI proliferates from the data center to the edge.”
On December 18, 2024, Micron issued a press release announcing its financial results for the first quarter of its fiscal year 2025. Among other items, Micron reported a greater-than-expected revenue decline in NAND flash memory for the quarter. Micron also issued disappointing guidance for the second quarter of its fiscal year 2025, including adjusted earnings between $1.33 and $1.53 per share, well below the $1.92 per share estimate, sales between $7.7 billion and $8.1 billion, with the midpoint well below the $8.99 billion estimate, and adjusted gross margins between 37.5% and 39.5%, well below the 41.3% estimate, citing weakness in Micron's consumer-oriented markets.
The next day, multiple analysts lowered their price targets for Micron stock, citing the company's disappointing guidance for the second quarter of its fiscal year 2025, while noting significant weakness in demand in Micron’s consumer markets, especially for its NAND products.
Following these developments, Micron's stock price fell $16.81 per share, or 16.18%, to close at $87.09 per share on December 19, 2024.
The complaint alleges that, throughout the Class Period, 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.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.