The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the District of Delaware on behalf of shareholders of ON Semiconductor Corporation who purchased common stock between May 1, 2023 and October 27, 2023.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) contrary to representations made, revenues from billions of dollars in reported long-term supply agreements (“LTSAs”) were not “committed”, “locked in,” or effectively certain to be obtained by the Company; (2) the Company could and would abrogate the LTSAs at a customer’s request; (3) in tough macroeconomic conditions, LTSAs did not provide “predictable” and “sustainable” performance to drive the Company’s growth; (4) LTSAs would be modified or eliminated as conditions changed; (5) defendants did not have “good visibility” into customer demand, and in fact, demand could be reduced on short notice, even where LTSAs were in effect; and (6) as a result of the foregoing, defendants’ positive statements about Onsemi’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until February 12, 2024 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
