Alpha and Omega Semiconductor Class Action Lawsuit - Kehoe Law Firm, P.C. Investigating Securities Claims on Behalf of AOSL Investors - AOSL Investors Who Have Suffered Losses Are Encouraged to Contact Kehoe Law Firm, P.C.
PHILADELPHIA, March 20, 2020 /PRNewswire/ -- Kehoe Law Firm, P.C. is making investors aware that on March 19, 2020, a class action lawsuit was filed against Alpha and Omega Semiconductor Limited ("Alpha and Omega" or the "Company") (NasdaqGS: AOSL) and certain officers in United States District Court, Southern District of New York, on behalf of persons and entities that purchased or otherwise acquired Alpha and Omega securities between August 7, 2019 and February 5, 2020, inclusive (the "Class Period").
Kehoe Law Firm, P.C. continues its securities investigation of Alpha and Omega. AOSL investors who purchased, or otherwise acquired, shares of Alpha and Omega Semiconductor during the Class Period are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], to discuss the AOSL securities investigation, the class action lawsuit or potential legal claims.
According to the class action complaint, throughout the Class Period, the Alpha and Omega 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, 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.
Department of Justice Investigation Regarding Alpha and Omega Semiconductor's Compliance With Export Control Regulations
On February 5, 2020, AOSL issued a press release which, among other things, stated:
The Company notes that 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"), which were added to the "Entity List" by the Department of Commerce ("DOC"). The Company is cooperating fully with federal authorities in the investigation. The Company has maintained an export control compliance program and has been committed to comply fully with all applicable laws and regulations. In connection with this investigation, DOC has requested the Company to suspend shipments of its products to Huawei, and the Company is currently working with DOC to resolve this issue. Accordingly, [AOSL] expect[s] 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. [AOSL] note[s] that the DOC order applies to only [its] shipment to Huawei and sales to other non-Huawei customers are expected to continue, unaffected by the order. Since this is a pending and confidential matter, the Company does not intend to comment further on the status of this investigation except as required by law. [Emphasis added.]
On this news, AOS's stock price fell $1.48 per share, or 12%, closing at $10.85 per share on February 6, 2020.
Have You Purchased, Or Otherwise Acquired, Alpha and Omega Semiconductor Stock Between August 7, 2019 and February 5, 2020, Both Dates Inclusive, and Suffered Losses?
AOSL investors who purchased, or otherwise acquired, shares of Alpha and Omega Semiconductor during the Class Period are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], to discuss the AOSL securities investigation, the class action lawsuit or potential legal claims.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion dollars on behalf of institutional and individual investors.
SOURCE Kehoe Law Firm, P.C.
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