Microchip Technology Incorporated

20/08/2024 | Press release | Distributed by Public on 20/08/2024 20:14

Material Event Form 8 K

Item 8.01. Other Events
On August 17, 2024, Microchip Technology Incorporated (the "Company") detected potentially suspicious activity involving its information technology ("IT") systems. Upon detecting the issue, the Company began taking steps to assess, contain and remediate the potentially unauthorized activity. On August 19, 2024, the Company determined that an unauthorized party disrupted the Company's use of certain servers and some business operations. The Company promptly took additional steps to address the incident, including isolating the affected systems, shutting down certain systems, and launching an investigation with the assistance of external cybersecurity advisors.
As a result of the incident, certain of the Company's manufacturing facilities are operating at less than normal levels, and the Company's ability to fulfill orders is currently impacted. The Company is working diligently to bring the affected portions of its IT systems back online, restore normal business operations and mitigate the impact of the incident.
As the Company's investigation is ongoing, the full scope, nature and impact of the incident are not yet known. As of the date of this filing, the Company has not yet determined whether the incident is reasonably likely to materially impact the Company's financial condition or results of operations.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements, including, but not limited to, statements regarding the Company's current beliefs, understanding and expectations regarding the cybersecurity incident and its scope, nature and impact on the Company's business, operations and financial results. Factors that could cause actual results to differ from those expressed in these forward-looking statements include the outcome of the Company's ongoing assessment of the cybersecurity incident; the cost and timing of restoring the Company's systems to their normal operating levels; legal, regulatory, reputational and financial risks resulting from the cybersecurity incident or additional cybersecurity incidents; and the risks described in the Company's Annual Report on Form 10-K for the year ended March 31, 2024 and subsequent Quarterly Reports on Form 10-Q. Unless required by law, the Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as result of new information, future events or otherwise.