NEW YORK, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of ON Semiconductor Corporation (NASDAQ: ON)?
- Did you purchase your shares between May 1, 2023 and October 27, 2023, inclusive?
- Did you lose money in your investment in ON Semiconductor Corporation?
- Do you want to discuss your rights?
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the common stock of ON Semiconductor Corporation (“ON” or the “Company”) (NASDAQ: ON) between May 1, 2023 and October 27, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of Delaware and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired ON common stock, and/or would like to discuss your legal rights and options please visit ON Semiconductor Corporation Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, ON 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 the Company’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 ON’s SiC products are necessary components of a number of systems used in the production of electric vehicles (“EVs”).
Throughout the Class Period, Defendants discussed the “stability” and “visibility” of the demand for ON’s SiC and other products, the sustainability of ON’s revenue growth, and the impact of the Company’s long-term supply agreements (“LTSAs”) on the achievability of its revenue streams. Defendants failed to disclose 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 would be modified or eliminated as conditions changed; and (3) demand could be reduced on short notice, even where LTSAs were in effect.
On October 30, 2023, the Company announced its third quarter 2023 financial results. During the accompanying investor earnings call held that same day, the Company’s President and Chief Executive Officer, Defendant Hassane El-Khoury revealed that ON would miss its $1 billion SiC 2023 revenue target by approximately $200 million – roughly 20% of the Company’s expected SiC revenue for the year – due to “a single automotive OEM’s recent reduction in demand”.
On this news, the Company’s share price fell $18.18, or 21.7%, to close at $65.34 per share on October 30, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than February 12, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired ON common stock, and/or would like to discuss your legal rights and options please visit ON Semiconductor Corporation Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Paralegal
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
