Micron Technology just delivered the best quarter in its history. However, three days later, a federal courtroom in California turned that story upside down.

A class-action lawsuit filed on June 25 accuses Micron (MU), Samsung, and SK Hynix of secretly restricting memory chip supply to inflate prices by as much as 700% since 2022. 

The timing is particularly painful. Micron’s stock touched an all-time high of $1,255 the same day the suit landed.

However, as of July 1, shares had tumbled 16.01% over five trading sessions, sliding $196.72 to close at $1,032.28. 

The worst single day came on July 1 itself, when Micron dropped by 10.57%, or $122.01, from the prior close of $1,154.29.

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