Microchip Technology Stock Dips After Cybersecurity Incident

Microchip Technology Incorporated MCHP shares are trading lower Tuesday after the company disclosed a cybersecurity incident in an SEC filing. 

The Details: Microchip Technology said it first detected potentially suspicious activity involving its information technology systems on Saturday and began taking steps to assess the potentially unauthorized activity. 

The company determined on Monday that an unauthorized party had disrupted its use of certain servers and some business operations, and Microchip Technology proceeded to launch an investigation with the assistance of external cybersecurity advisors.

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Microchip Technology said the investigation is ongoing and the nature and impact of the incident are not yet known. However, the company's manufacturing facilities are operating at less than normal levels, and its ability to fulfill orders is currently impacted.

The company added that it has not yet determined whether the incident could materially impact its financial condition or results of operations.

MCHP Price Action: According to Benzinga Pro, Microchip Technology shares are down 1.91% after-hours at $78.75 at the time of publication Tuesday.

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