According to the lawsuit, defendants made materially false and misleading statements and failed to disclose material adverse facts about onsemi’s business and operations. Specifically, defendants misrepresented that:
- 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 onsemi when, in fact, onsemi could and would abrogate the LTSAs at a customer’s request;
- LTSAs provided “predictable” and “sustainable” performance to drive onsemi’s growth, even in tough macroeconomic conditions, when, in fact, they would be modified or eliminated as conditions changed; and
- defendants had “good visibility” into customer demand when, in fact, demand could be reduced on short notice, even where LTSAs were in effect.
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