ON Semiconductor Corporation (NASDAQ: ON)

This lawsuit is for anyone who acquired securities in ON Semiconductor Corporation (NASDAQ: ON) from May 1, 2023 through October 27, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by continually touting the stability of its business selling silicon carbide products by touting its long term agreements to provide the products to customers while failing to disclose terms of those deals that actually make future sales unstable.

On October 30, 2023, onsemi released its third quarter 2023 financial results, revealing that the Company was “taking a very cautious approach” with its silicon carbide (“SiC”) products due to signs of weakening demand and would miss its $1 billion 2023 SiC revenue target by approximately $200 million. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in ON Semiconductor Corporation (NASDAQ: ON) from May 1, 2023 through October 27, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.