Summary: Leading law firm Pomerantz LLP has launched an investigation into ON Semiconductor Corporation (NASDAQ: ON) following allegations of securities fraud. The investigation aims to determine if onsemi, along with certain executives or directors, engaged in unlawful business practices. The investigation was prompted by a revelation made by the company’s President and CEO, Hassane El-Khoury, during an investor earnings call. El-Khoury disclosed a cautious approach to the company’s silicone carbide (“SiC”) products due to weakening demand in its automotive business segment. This news came alongside the announcement that onsemi would miss its $1 billion 2023 SiC revenue target by approximately $200 million. The stock price of onsemi plummeted by 21.77% as a result of these revelations.
Pomerantz LLP, renowned for its expertise in corporate, securities, and antitrust class litigation, has set up the investigation to safeguard the rights of victims of securities fraud and corporate misconduct. With offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, Pomerantz has a strong track record of recovering substantial damages awards on behalf of class members.
While the original article focused primarily on Pomerantz LLP’s investigation and contact information, this new article highlights the key details of the alleged securities fraud. It provides a clear summary of the investigation, emphasizing the impact onsemi’s disclosure had on its stock price. Additionally, it highlights Pomerantz LLP’s expertise and track record in similar cases, building credibility for the ongoing investigation.
The source of the article is from the blog meltyfan.es