Law & Justice

Micron Technology was founded in October 1978 in Boise, Idaho.Micron is one of Idaho’s largest employers with more than 5,000 employees. The company went through a series of layoffs since 2005, when it had nearly 10,000 employees in Idaho.According to the company’s website, Micron has about 20,000 employees worldwide including locations in; California, Virginia, Canada, Puerto Rico, Italy, Scotland, Israel, Paris, Germany, Japan, Singapore, South Korea, China, India and Malaysia.Micron manufactures and markets DRAM, NAND and NOR Flash memory products, computer chips, which are used in everything from computing, networking, and server applications, to mobile, embedded, consumer, automotive, and industrial designs.According to its website, Micron Micron Technology, Inc., became a publicly held company in June 1984. In November 1990, Micron was listed on the New York Stock Exchange (NYSE), where it began trading under the “MU” symbol. Effective December 30, 2009 Micron voluntarily transferred its stock exchange listing from The New York Stock Exchange to the NASDAQ Global Select Market, a market of The NASDAQ OMX Group, (NASDAQ: NDAQ) and continues to trade under the ticker symbol MU.

New VP At Boise's Micron Being Sued For Insider Trading While At Old Job

Boise State Public Radio News

Published October 3, 2017 at 2:08 PM MDT

One of the new top bosses at Boise tech company Micron is accused of insider trading while at his old company. The government's Securities and Exchange Commission filed suit against Micron’s new vice president of the storage business unit. He’s been on the job with Micron for only six weeks.

After working at California-based tech company SanDisk, Anand Jayapalan joined Micron this summer. Both he and new Micron executive Sanjay Mahrotra are both veterans of SanDisk – a flash memory manufacturer Mahrotra co-founded.

In its lawsuit, the SEC claims Jayapalan shared insider information about SanDisk with his wife, aunt and uncle in 2014. The tips allowed the family members to make hundreds of thousands of dollars on stock trades.

The Statesman reports Micron is staying tight-lipped about the allegations against their new vice president of the storage business unit. The company won’t say if it was aware of the accusations against Jayapalan when he was recently hired, or if the SEC lawsuit has affected his status at Micron.

Three years ago, when Jayapalan was employed by SanDisk, the firm decided to buy flash data-storage company Fusion, Inc. Over Memorial Day weekend, Jayapalan made several phone calls to his family. The following Tuesday, Jayapalan's aunt and uncle started buying up Fusion stock, eventually getting more than 78,000 shares. When SanDisk announced it was buying Fusion in mid-June, the stock price jumped 22 percent, and the aunt and uncle soon started unloading their shares.

The SEC lawsuit wants Jayapalan and his family members to pay civil penalties and forfeit proceeds from the illegal transactions.

For more local news, follow the KBSX newsroom on Twitter @KBSX915

New VP At Boise's Micron Being Sued For Insider Trading While At Old Job

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