A prominent law firm, Glancy Prongay & Murray LLP (GPM), has recently announced that investors who have experienced significant losses have an opportunity to lead a securities fraud class action lawsuit against ON Semiconductor Corporation (referred to as “onsemi” or the “Company”). The lead plaintiff deadline for this lawsuit is set for February 12, 2024, and the class period runs from May 1, 2023, to October 27, 2023.
According to the complaint filed by GPM, the defendants allegedly failed to disclose crucial information to investors during the class period. Specifically, it is alleged that the Company misled investors by not revealing that billions of dollars in reported long-term supply agreements (“LTSAs”) were not as secure as claimed. The complaint states that the LTSAs, which were believed to provide predictable and sustainable revenue, could be altered or terminated based on a customer’s request. Furthermore, the defendants were accused of falsely claiming to have “good visibility” into customer demand, when in reality, demand could be drastically reduced with little notice.
The misleading statements and omissions made by the defendants regarding the Company’s business, operations, and prospects are considered to be materially misleading and lacking a reasonable basis throughout the relevant times.
Investors who wish to join the class action lawsuit against onsemi are advised to visit the website provided by GPM, www.glancylaw.com/cases/ON-Semiconductor-Corporation/, to submit their contact information. Alternatively, they can contact Charles H. Linehan of GPM via phone or email to learn more about their rights and potential participation as a lead plaintiff.
It is important to note that being a member of the class action does not require immediate action. Investors can choose to retain their own counsel or remain an absent member without taking any further steps at this time.
For further updates on the progress of the lawsuit, interested parties are encouraged to follow GPM on LinkedIn, Twitter, or Facebook.
Please note that this press release may be considered Attorney Advertising in some jurisdictions, as per applicable law and ethical rules.
The source of the article is from the blog kewauneecomet.com