Micron Executives Sued by Shareholder Over Demand Discrepancy

Micron Technology Inc. leadership misled investors about the chip maker’s demand recovery, ending in its biggest stock drop in more than four years after it released disappointing financial guidance weighed down by weakness in consumer-oriented markets, a shareholder lawsuit filed Thursday said.

Top brass exposed Micron to harm in legal fees and by having it buy back shares of its stock at artificially inflated prices by overstating its demand prospects in 2023 and 2024, said the complaint filed in the US District Court for the District of Idaho. Then on Dec. 18, Micron reported a greater-than-expected revenue dip for the ...