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ON Semiconductor Corporation Investors: February 12, 2024 Filing Deadline in Securities Class Action – Contact Lieff Cabraser

Published: 2024-01-16 15:00:00 ET

SAN FRANCISCO, CA / ACCESSWIRE / January 16, 2024 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in ON Semiconductor Corporation ("Onsemi" or the "Company") (NASDAQ:ON) who suffered losses from purchasing or otherwise acquiring ON common stock between May 1, 2023 and October 27, 2023, inclusive (the "Class Period"), to contact us immediately regarding a pending securities fraud class action against Onsemi. The deadline to apply to be lead plaintiff is February 12, 2024.

Class Period:May 1, 2023 - October 27, 2023

Lead Plaintiff Motion Deadline:February 12, 2024

Case information:lieffcabraser.com/securities/onsemi

Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358

Onsemi manufactures and sells semiconductor components, many of which incorporate silicon carbide ("SiC") and used in the production of electric vehicles.

The securities class action alleges that, during the Class Period, Defendants failed to disclose to investors that Onsemi's long-term supply agreements ("LTSAs") for SiC products that it had touted as "committed," "locked in," and "legally binding" were in fact susceptible to customers' cancellation, the LTSAs would not reliably drive growth, and the Company did not have a clear understanding of customer demand. These misrepresentations artificially inflated the price of Onsemi common stock during the Class Period.

On October 30, 2023, Onsemi announced lower than expected financial results for the third quarter of 2023 and that it will miss its 2023 revenue target due to a reduction in customer demand. On this news, the price of ON stock declined $18.18 per share, or 21.77%, from its closing price of $83.52 per share on October 27, 2023, to close at $65.34 per share on October 30, 2023, on extraordinarily high trading volume.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a "Plaintiffs' Powerhouse" by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $129 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.

Contact

Sharon LeeLieff Cabraser Heimann & Bernstein, LLP415 956-1000slee@lchb.com

SOURCE:Lieff Cabraser Heimann & Bernstein

View the original press release on accesswire.com

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.