Einhorn's Greenlight fund buys $402 million stake in Micron
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NEW YORK =- Greenlight Capital Inc., the hedge- fund firm run by David Einhorn, bought a stake in Micron Technology Inc. valued at $402 million in the third quarter.
Greenlight purchased 23 million shares of Micron, the largest U.S. maker of memory chips, in the three months ended Sept. 30, according to a filing today by the New York-based firm with the Securities and Exchange Commission.
Einhorn recommended investors buy the shares of Boise, Idaho-based Micron at a Nov. 21 conference, a person who attended the event said that day. Greenlight had requested its Micron investment to be kept confidential when it filed its third-quarter report on Nov. 14. The confidential treatment expired seven days later, the same day Einhorn disclosed his investment at the conference.
Jonathan Gasthalter, a spokesman for Greenlight at Sard Verbinnen & Co., declined to comment on the filing.