| COMPANY |
ON Semiconductor Corporation |
| COURT |
United States District Court for the District of Delaware |
| CASE NUMBER |
1:23-cv-01429 |
| JUDGE |
The Hon. Gregory B. Williams |
| CLASS PERIOD |
May 1, 2023 and October 27, 2023 |
| SECURITY TYPE |
Common Stock |
Case Background:
Kessler Topaz Meltzer & Check, LLP filed a class action lawsuit on behalf of those who purchased or acquired ON Semiconductor Corporation (“onsemi”) (NASDAQ: ON) common stock between May 1, 2023 and October 27, 2023, both dates inclusive (the “Class Period”).
The Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business and operations. Specifically, Defendants misrepresented and/or 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 onsemi when, in fact, onsemi could and would abrogate the LTSAs at a customer’s request; (2) LTSA’s provided “predictable” and “sustainable” performance to drive onsemi’s growth, even in tough macroeconomic conditions, when, in fact, they would be modified or eliminated as conditions changed; and (3) Defendants had “good visibility” into customer demand when, in fact, demand could be reduced on short notice, even where LTSAs were in effect. As a result of the foregoing, Defendants’ positive statements about onsemi’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.
Current Status of Case:
On June 5, 2024, Lead Plaintiff filed the Amended Complaint. Defendants filed a Motion to Dismiss the Amended Complaint on July 30, 2024. The action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.