NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Alpha and Omega Semiconductor Limited (“Alpha and Omega” or the “Company”) (NASDAQ:AOSL) of the May 18, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Alpha and Omega stock or options between August 7, 2019 and February 5, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/AOSL. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Alpha and Omega securities between August 7, 2019 and February 5, 2020 (the “Class Period”). The case, Gray v. Alpha and Omega Semiconductor Limited et al, No. 20-cv-02414 was filed on March 19, 2020.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (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.
Specifically, on February 5, 2020, post-market, Alpha and Omega issued a press release announcing its financial results for the second fiscal quarter of 2020. Therein, the Company 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’).”
On this news, the Company's stock price fell from $12.33 per share on February 5, 2020 to $10.85 per share on February 6, 2020: a $1.48 or 12% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Alpha and Omega conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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