Computer-memory chip maker Micron Technology Inc. and two executives overstated demand hopes only to release disappointing financial guidance that spurred the company’s worst single-day stock drop in almost five years, a proposed class action says.
Micron noted in regulatory filings that the memory and storage industry suffered in the fourth quarter of 2022 and in 2023 due to weak demand, says the complaint filed by Shlomo Klein in the US District Court for the Southern District of Florida on Thursday. But from 2023 through 2024, Micron allegedly said in press releases and public filings that demand was recovering. Klein pointed ...
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