SAN DIEGO, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired ON Semiconductor Corporation (NASDAQ:ON) common stock between May 1, 2023 and October 27, 2023. 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.
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What is this Case About: ON Semiconductor Corporation (ON) Misrepresented Demand for its Products and Revenue Growth
According to the complaint, this case arises from defendants' 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 the Company's long-term supply agreements ("LTSAs") on the achievability of its revenue streams.
Plaintiff alleges that during the class period, defendants misrepresented that: (1) revenues from billions of dollars in reported LTSAs were "committed" and "locked in," and were effectively certain to be obtained by the Company when, in fact, the Company could and would abrogate the LTSAs at a customer's request; (2) LTSAs ...