According to the Complaint, Alpha and Omega Semiconductor Limited designs, develops, and supplies power semiconductors. It purports to have a portfolio of over 2,100 products that target high volume applications, including personal computers, LED lighting, battery packs, home appliances, and consumer and industrial motor controls.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that the Company’s export control practices were in violation of applicable laws and regulations; (2) that, as a result, the Company was vulnerable to regulatory scrutiny and liability; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On July 1, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 28. Defendants filed a Motion to Dismiss the amended Complaint on December 11. On September 27, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. The parties filed a joint stipulation to voluntarily dismiss the case on November 8.