ON Semiconductor Requests to Dismiss Class Action Filed by Investors

Court: D. Arizona

Case: 2:24-cv-00594

ON Semiconductor has requested the court to dismiss the lawsuit filed by investors. The court will determine whether the case proceeds.

What is this lawsuit about?

On October 30, 2023, ON Semiconductor ON revealed during an investor earnings call that it would fall short of its $1 billion SiC revenue goal for 2023 by approximately $200 million. CEO Hassane El-Khoury cited a major automotive customer’s reduced demand, while CFO Thad Trent warned of broader declines in industrial and other markets.

Following this, ON dropped 21.7%, wiping out over $7 billion in shareholder value.

Then, on December 13, 2023, shareholders filed a claim against ON Semiconductor.

What can you do to recover your losses now?

We’re keeping track of all updates and will notify ON investors about potential recovery.

More than 600 companies are currently facing securities class action lawsuits, and over 100 are already paying settlements. Connect your brokerage account to automatically check which ones you may have missed.