ON - ONSEMI DEADLINE ALERT: Bragar Eagel & Squire P.C. Reminds Investors that a Class Action Lawsuit Has Been Filed Against ON Semiconductor Corporation and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against ON Semiconductor Corporation ("onsemi" or the "Company") (NASDAQ:ON) in the United States District Court for the District of Delaware on behalf of all persons and entities who purchased or otherwise acquired onsemi common stock between May 1, 2023, and October 27, 2023, both dates inclusive (the "Class Period"). Investors have until February 12, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Onsemi manufactures and sells semiconductor components for various electronic devices worldwide, including power and sensing solutions, and technologies for the electrification of the automotive industry. Critical to onsemi's long-term growth and success is its strategy to focus on the development, manufacture, and sale of a variety of products incorporating silicon carbide ("SiC"). A substantial portion of onsemi's SiC products are necessary components of a number of systems used in the production of electric vehicles ("EVs"). Throughout the Class Period, Defendants made repeated misrepresentations to investors regarding the "stability" and "visibility" of the demand for onsemi's SiC and other products, and the sustainability of onsemi's revenue growth, by overstating the impact of onsemi's long-term supply agreements ("LTSAs") on the achievability of its revenue streams.
On May 1, 2023, the first day of the Class Period, onsemi released its first quarter 2023 earnings and accompanying investor earnings call with equity analysts. During that call, Defendants spoke extensively on the growth of onsemi's SiC business and touted the fact that the company has "more and more confidence" in its claim that it would reach $1 billion ...