NEW YORK, Jan. 10, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of 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, ext. 7980.
The investigation concerns whether onsemi and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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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
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
