Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Micron Technology, Inc. (MU)

/EIN News/ -- NEW YORK, Jan. 10, 2025 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of Florida on behalf of all persons or entities who purchased or otherwise acquired Micron Technology, Inc. (“Micron Technology” or the “Company”) (NASDAQ: MU) securities between September 28, 2023 and December 18, 2024, inclusive (the “Class Period”).

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) demand for the Company’s products in consumer markets, especially the Company's NAND products, had significantly deteriorated; (ii) accordingly, Defendants had overstated the extent to which demand for the Company’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 (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On December 18, 2024, Micron Technology issued a press release announcing its financial results for the first quarter of its fiscal year 2025. Among other items, the Company reported a greater-than-expected revenue decline in NAND flash memory for the quarter. Micron Technology 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 the Company’s consumer-oriented markets.

The next day, multiple analysts lowered their price targets for Micron Technology stock, citing the Company’s disappointing guidance for the second quarter of its fiscal year 2025, while noting significant weakness in demand in its consumer markets, especially for its NAND products. Following these developments, Micron Technology’s stock price fell $16.81 per share, or 16.18%, to close at $87.09 per share on December 19, 2024.

Investors who purchased or otherwise acquired shares of Micron Technology should contact the Firm prior to the March 10, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.