Scott+Scott Attorneys at Law LLP has launched an investigation into whether certain officers and directors of Micron Technology, Inc. failed to manage the company in an acceptable manner, breaching their fiduciary duties. The law firm is examining whether Micron and its shareholders have suffered damages as a result. Attorney Joseph A. Pettigrew is leading the investigation.

The investigation centers on allegations that owners of Micron common stock have been impacted by the company's participation in a computer memory price-fixing scheme. On June 25, 2026, a consumer class action complaint was filed against Micron alleging anticompetitive behavior around computer memory supply and prices. Scott+Scott noted its track record in fighting for corporate governance and monetary recoveries on behalf of companies and their shareholders.

Shareholders who own Micron common stock are invited to join the investigation. Participation is at no cost to shareholders. The firm aims to inform investors of their rights as Micron shareholders and explain the process and potential outcomes.

Shareholders wishing to discuss the investigation may contact attorney Joe Pettigrew toll-free at (844) 818-6982 or via email at jpettigrew@scott-scott.com . Additional information about the law firm and its case resolution capabilities is available on its website.

Micron Technology and SanDisk Corp are trading at the lowest forward earnings multiples in the Nasdaq 100, even after significant rallies earlier this year. The decline in valuation comes as both stocks experience sharp corrections in July, raising questions about whether the current multiples represent a discount or a warning sign of future earnings declines.

Micron Technology trades at 6.2 times forward earnings, making it the second-cheapest stock in the index behind Strategy Inc. The stock is down 23.3% month-to-date in July, putting it on pace for its worst month since June 2022. Despite the recent pullback, the stock is still up 208% in 2026, following a rally of nearly 2,000% from its 2025 lows to its June highs.

SanDisk Corp has experienced an even steeper decline, falling 35.7% this month and 24.7% this week alone. This represents its worst weekly drop since March 2025. The stock currently sits at 8.1 times forward earnings but remains up 504% year-to-date.

Historical Context and Market Cycles

Memory is considered the most cyclical sector within semiconductors. The construction of new fabrication plants requires two to three years and tens of billions of dollars, often resulting in supply arriving late to meet demand. Historically, a collapsing forward multiple has served as a warning rather than a discount, signaling that the market expects underlying earnings to fall further.

Micron Technology previously peaked near $64 in May 2018 at roughly 4.5 times forward earnings during a highly profitable period. The stock subsequently fell 57% by December as DRAM prices declined, and revenue dropped 23% the following year. In that instance, the low multiple was pricing the peak rather than offering value.

The Bull Case for AI Demand

The current bull case argues that this cycle will deviate from historical patterns due to structural demand for artificial intelligence. High-bandwidth memory is reportedly contracted years in advance at locked prices and is effectively sold out. Previous market busts originated in the spot market, a factor that proponents believe differentiates the current environment. If AI demand proves to be structural, these stocks may warrant higher multiples rather than the compressed valuations currently observed.