NEW YORK, Dec. 27, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Micron Technology, Inc. (“Micron” or the “Company”) (NASDAQ: MU). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns Micron and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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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, Micron’s stock price fell $16.81 per share, or 16.2%, to close at $87.09 per share on December 19, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
