A class action lawsuit has been filed against ON Semiconductor Corporation, accusing the company of making false and misleading statements to the market. The lawsuit alleges that ON Semiconductor claimed to have billions of dollars in contracts that were “locked in,” but in reality, these contracts could be abrogated at the customer’s request. The company also claimed that these contracts would provide sustainable performance, when in fact they could be modified or canceled based on economic conditions. Additionally, ON Semiconductor stated that it had “good visibility” to customer demand, despite the fact that customers could modify contracts on short notice.
These false statements by ON Semiconductor caused significant harm to investors when the truth was revealed. The market learned that the company’s claims were not accurate, leading to financial losses for shareholders. As a result, investors who purchased the company’s securities between May 1, 2023, and October 27, 2023, are being encouraged to participate in the class action lawsuit.
The Schall Law Firm, a national shareholder rights litigation firm, is representing shareholders in this case. The firm is reminding investors to contact them before February 12, 2024, if they suffered a loss and wish to participate in the lawsuit. The Schall Law Firm can be reached through their website or by contacting Brian Schall directly.
It is important to note that the class has not yet been certified, and until certification occurs, investors are not represented by an attorney. However, taking action and participating in the lawsuit can help shareholders seek compensation for the damages they have suffered.
This information is being provided as part of the legal process and should not be considered as financial advice. Investors should consult with their own legal counsel or financial advisors for personalized guidance.
The source of the article is from the blog aovotice.cz