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ON Semiconductor Corporation


Rigrodsky Law, P.A. is investigating potential claims against the officers and directors of ON Semiconductor Corporation ("ON" or the "Company").  A class action complaint has been filed against ON.  The complaint alleges that defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company's business and operations.  Specifically, defendants misrepresented and/or failed to disclose that: (i) revenues from billions of dollars in reported long-term supply agreements ("LTSAs") were "committed" and "locked in," and were effectively certain to be obtained by ON when, in fact, ON could and would abrogate the LTSAs at a customer's request; (ii) LTSAs provided "predictable" and "sustainable" performance to drive ON's growth, even in tough macroeconomic conditions, when, in fact, they would be modified or eliminated as conditions changed; and (iii) defendants had "good visibility" into customer demand when, in fact, demand could be reduced on short notice, even where LTSAs were in effect.  As a result of the foregoing, defendants' positive statements about ON's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.

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Date of signing: 05/26/2024

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