Levi & Korsinsky, LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired ON Semiconductor Corporation (NASDAQ: ON) securities.
If you suffered a loss on your onsemi investment and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: This lawsuit is on behalf of all persons or entities that purchased or otherwise acquired shares of Onsemi common stock between May 1, 2023, and October 27, 2023, inclusive.
CASE DETAILS: The filed complaint alleges that ON Semiconductor Corporation made materially false and/or misleading statements and/or failed to disclose that: (1) contrary to representations made, revenues from billions of dollars in reported long-term supply agreements (“LTSAs”) were not “committed”, “locked in,” or effectively certain to be obtained by the Company; (2) the Company could and would abrogate the LTSAs at a customer’s request; (3) in tough macroeconomic conditions, LTSAs did not provide “predictable” and “sustainable” performance to drive the Company’s growth; (4) LTSAs would be modified or eliminated as conditions changed; (5) defendants did not have “good visibility” into customer demand, and in fact, demand could be reduced on short notice, even where LTSAs were in effect; and (6) 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.
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