Kessler Topaz is investigating potential claims on behalf of purchasers of ON Semiconductor Corporation (Nasdaq: ON) (“ON Semi”) securities between May 1, 2023 and October 27, 2023, related to potential violations of the federal securities laws.
ON Semi manufactures and sells semiconductor components for various electronic devices worldwide, including power and sensing solutions, and technologies for the electrification of the automotive industry. Critical to its long-term growth and success is its development, manufacture, and sale of a variety of products incorporating silicon carbide (“SiC”), a necessary component used in the production of electric vehicles.
October 30, 2023, ON Semi announced that it was “taking a very cautious approach” with its SiC products due to signs of a weakening demand in the company’s automotive business segment, and that it would miss its $1 billion 2023 SiC revenue target by $200 million. On this news, the price of ON Semi common stock plummeted $18.18 per share, or nearly 22%, from a close of $83.52 per share on October 27, 2023, to close at $65.34 per share on October 30, 2023.
If you have any questions or would like to discuss this investigation, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com, or fill out the form below.