RADNOR, Pa., Dec. 13, 2023 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that today the firm has filed a securities fraud class action lawsuit against ON Semiconductor Corporation (NASDAQ:ON) ("onsemi") on behalf of investors who purchased or acquired onsemi common stock between May 1, 2023, and October 27, 2023, inclusive (the "Class Period"). This action, captioned Hubacek v. ON Semiconductor Corporation., et al., Case No. Case 1:23-cv-01429, was filed in the United States District Court for the District of Delaware.
Important Deadline Reminder: Investors who purchased or otherwise acquired onsemi common stock during the Class Period may, no later than February 12, 2024, move the Court to serve as lead plaintiff for the class.
CLICK HERE TO SUBMIT YOUR ONSEMI LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/on-semiconductor-corporation?utm_source=PR&utm_medium=link&utm_campaign=on&mktm=r
LEAD PLAINTIFF DEADLINE: FEBRUARY 12, 2024
CLASS PERIOD: MAY 1, 2023, THROUGH OCTOBER 27, 2023
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. (484) 270-1453 or Email at info@ktmc.com
ONSEMI'S MISCONDUCT
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 ...