Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
ON.US
id: 911
ON Semiconductor Corporation (ON) LTSA Strategy Case
D. Arizona
Court2:24-cv-00594
Case number05/01/2023
Class period Start10/27/2023
Class period End02/12/2024
Lead Plaintiff motion deadline- In October, CEO, Hassane El-Khoury revealed that ON would miss its $1 billion SiC 2023 revenue.
- $ON fell 21.7%, losing over $7B of shareholder value.
- The first affected investor already filed the initial claim over misleading about the demand for ON's SiC in Delaware court.
On October 30, 2023, ON Semiconductor (ON) during the investor earnings call, the Company’s President and CEO, Hassane El-Khoury revealed that ON would miss its $1 billion SiC 2023 revenue target by ~$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”. Thad Trent added, however, that the Company expects “greater sequential declines in industrial and other end markets” as well.
On this news, $ON fell 21.7% and lost over $7 billion of its market capitalization, seriously damaging stockholders.
Considering all early representations, Investors have reasons to suspect that Onsemi and certain Executives of misguiding them about the demand for the Company's SiC and other products, and the sustainability of its revenue growth, by overstating the impact of the Company’s LTSAs on the achievability of its revenue streams.
One of the affected stockholders has already filed the initial claim over misleading in Delaware court.
Case Status
Motion to dismiss
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
10/28/2023
Filing date
12/13/2023
Lead Plaintiff Deadline
02/12/2024
Judge
Susan M Brnovich