Theodora Oringher Law Firm Files Defamation Lawsuit on Behalf of Former Microsemi Senior Executives Against Microchip Technology, Inc., CEO Steven Sanghi and Senior Management
Theodora Oringher Law Firm Files Defamation Lawsuit on Behalf of Former Microsemi Senior Executives Against Microchip Technology, Inc., CEO Steven Sanghi and Senior Management |
[16-October-2018] |
COSTA MESA, Calif., Oct. 16, 2018 /PRNewswire/ -- Four former senior executives from Microsemi Corporation have filed a defamation lawsuit against their merger partners Microchip Technology, Inc. (Nasdaq: MCHP), its CEO Steven Sanghi, and other members of Microchip's senior management. The suit seeks the retraction of numerous allegedly false and defamatory statements by Microchip following the closing of the merger between the two companies on May 29, 2018. The Complaint has been filed on behalf of James J. Peterson, who served as Microsemi CEO for the past 18 years; Paul Pickle, who joined Microsemi 18 years ago, and most recently served as President and COO; Rick Goerner, who served as Microsemi's Executive Vice President, Worldwide Sales; and Philip Sansone, who was Microsemi's Vice President, Global Distribution Sales. Together with their colleagues, plaintiffs Peterson, Pickle, Goerner and Sansone presided over remarkable long-term growth, establishing Microsemi as a global leader in manufacturing and distributing high-performance integrated circuits. In 2017, the company reported record sales of $1.8 billion, with revenues expected to exceed $2 billion in 2018. Under the leadership of Mr. Peterson and Mr. Pickle, Microsemi achieved 44 straight quarters of meeting or exceeding earnings projections. The complaint asserts that Microchip's false and defamatory allegations have damaged the hard-earned reputations of the former Microsemi executives. Plaintiffs' main goals for this litigation are to educate the public about the truth, and to protect and restore their reputations. Plaintiffs' complaint outlines the following facts:
The complaint states that Microchip has used these false allegations to justify their decisions to reduce shipping, cut revenue-generating programs, and deny employees the incentive compensation they have earned. Further, it states that the company has also perpetuated a myth among analysts and investors that any "headwinds" Microchip faces are due to information they supposedly only learned after the merger closed. Plaintiffs Peterson, Pickle, Goerner, and Sansone seek a full retraction of these accusations. Specifically, they insist on the acknowledgement of the following facts:
The case was filed by the Theodora Oringher law firm, which specializes in high-stakes, complex litigation and trials. Firm founder Todd Theodora, and Jeffrey Reeves, are co-lead counsel on the matter. Mr. Theodora is one of the county's most well-known trial attorneys. After vigorously prosecuting a complex commercial matter against an international defendant corporation, Mr. Theodora recently obtained the largest award in a breach of contract case in California. Mr. Reeves spent 26 years with Gibson Dunn's Orange County office, including eight years as the managing partner of the office. He recently tried and won a case obtaining a complete defense verdict on behalf of his clients, the founder, CEO, and other senior executives of a well-established company, who were being sued for $44 million. For further information about this case please refer to the October 9, 2018, Complaint filed in Orange County Superior Court, captioned James J. Peterson, et al. v. Steven Sanghi, et al., Case No. 30-2018-01023948 or view it here. SOURCE Theodora Oringher | ||
Company Codes: NASDAQ-NMS:MCHP |
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