A prominent investor rights law firm, Bernstein Liebhard LLP, is reminding investors that the deadline to file a lead plaintiff motion in a securities class action lawsuit against ON Semiconductor Corporation is approaching. The lawsuit was filed on behalf of investors who purchased or acquired the common stock of ON Semiconductor Corporation between May 1, 2023, and October 27, 2023.
The lawsuit alleges that ON Semiconductor, a global manufacturer and seller of semiconductor components, including power and sensing solutions, failed to disclose crucial information regarding its long-term revenue streams. Specifically, defendants allegedly misrepresented the stability and visibility of the demand for ON’s key products and the impact of the company’s long-term supply agreements on its revenue growth.
It is claimed that ON Semiconductor significantly overestimated its projected revenue from silicon carbide (SiC) products, which are essential components used in the production of electric vehicles. The company’s CEO revealed during an investor earnings call that ON would miss its $1 billion SiC revenue target for 2023 due to a reduction in demand from a single automotive OEM. As a result of this news, the company’s share price plummeted by 21.7%.
Investors who believe they have incurred losses as a result of their investment in ON Semiconductor have until February 12, 2024, to take action and potentially serve as a lead plaintiff in the class action lawsuit. Bernstein Liebhard LLP, known for its successful litigation and recovery of over $3.5 billion for clients since 1993, encourages affected investors to visit their website or contact paralegal Peter Allocco for information on their legal rights and options.
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