NEW YORK, Jan. 26, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against ON Semiconductor Corporation (“onsemi” or the “Company”) (NASDAQ: ON). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether onsemi and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until February 12, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired onsemi securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On October 30, 2023, onsemi announced its financial results for the third quarter of 2023. During an investor earnings call later that day, The Company’s President and Chief Executive Officer Hassane El-Khoury disclosed to investors that the Company was “taking a very cautious approach” with its silicone carbide (“SiC”) products due to signs of a weakening demand in the Company’s automotive business segment (which generates between 75% and 90% of the Company’s SiC revenues), while also revealing that the Company would miss its $1 billion 2023 SiC revenue target by approximately $200 million. El-Khoury claimed that the approximately 20% reduction in the Company’s expected SiC revenue was solely attributable to one customer (identified by many analysts as Tesla, Inc.). Chief Financial Officer Thad Trent added that the Company expects “greater sequential declines in industrial and other end markets” as well.
On this news, onsemi’s stock price fell $18.18 per share, or 21.77%, to close at $65.34 per share on October 30, 2023
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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