NEW YORK, Feb. 9, 2024 /PRNewswire/ — The Gross Law Firm issues the following notice to shareholders of ON Semiconductor Corporation.
Shareholders who purchased shares of ON during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
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CLASS PERIOD: 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.
ALLEGATIONS: The complaint alleges that during the class period, Defendants issued 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.
DEADLINE: February 12, 2024 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/on-semiconductor-corporation-loss-submission-form/?id=66427&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of ON during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is February 12, 2024. There is no cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company’s stock. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
The Gross Law Firm
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New York, NY, 10018
Email: [email protected]
Phone: (646) 453-8903
SOURCE The Gross Law Firm
