According to the Complaint, ON Semiconductor Corporation manufactures and sells semiconductor components for various electronic devices worldwide.

The Complaint alleges that throughout the Class Period, Defendants misrepresented to investors: (1) the demand for the Company's silicon carbide ("SiC") and other products, and (2) the sustainability of the Company's revenue growth, by overstating the impact of the Company’s long-term supply agreements (“LTSAs”) on the achievability of its revenue streams. The Complaint further alleges that investors were significantly harmed as a result of Defendants’ false and misleading statements and material omissions. During the Class Period, the Company's market capitalization value reached a high of $46.6 billion on August 1, 2023, before falling to $28.2 billion on October 30, 2023.

On February 29, 2024, the Court issued an Order appointing Lead Plaintiff and Counsel.

On March 18, 2024, the Court approved the transfer of the case to the District of Arizona. The case transferred in on March 20 under Docket 24-CV-00594.

Lead Plaintiff filed an Amended Complaint on May 31, 2024. Lead Plaintiff corrected the Amended Complaint on June 5.

Lead Plaintiff filed a second Amended Complaint on September 6, 2024. Defendants filed a Motion to Dismiss the second Amended Complaint on October 10.

On July 11, 2025, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.