Alpha and Omega Semiconductor Limited
Lead Plaintiff Deadline: 05/18/2020
SUMMARY OF CASE:
A securities class action has been filed against Alpha and Omega Semiconductor Limited (AOSL) on behalf of persons or entities who purchased or otherwise acquired publicly traded AOS securities between August 7, 2019 through February 5, 2020. This case has been filed in the USDC – S.D.N.Y.
The Complaint alleges that on February 5, 2020, post-market, AOS issued a press release announcing its financial results for the second fiscal quarter of 2020. In its press release, the Company also disclosed that the U.S. Department of Justice “recently commenced an investigation into the Company’s compliance with export control regulations relating to certain business transactions with Huawei and its affiliates (‘Huawei’)” and that “[i]n connection with this investigation, [the Department of Commerce] has requested the Company to suspend shipments of its products to Huawei . . . . Accordingly, we expect the financial performance in the March quarter will be negatively impacted by the Huawei shipment interruption and by additional professional fees incurred in connection with the investigation.”
On this news, AOSL’s stock price fell $1.48 per share, or 12%, to close at $10.85 per share on February 6, 2020.