Onsemi Execs, Board Sued Over Alleged Demand Misrepresentations

ON Semiconductor Corp.’s current and former directors and executives misled investors about the stability of demand and revenue growth, overstating the impact of the company’s long-term supply agreements, a shareholder derivative suit says.

Executives for the semiconductor maker also known as Onsemi misrepresented those growth prospects for nearly six months, starting with a May 2023 statement that the company would reach $1 billion in revenue last year, according to the complaint filed Wednesday in US District Court for the District of Delaware.

In subsequent disclosures and statements, the company’s executives and directors touted the long-term supply agreements as a ...