Glancy Prongay & Murray LLP (GPM) reminds investors of the upcoming May 18, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Alpha and Omega Semiconductor Limited (Alpha and Omega or the Company) (NASDAQ: AOSL) investors who purchased securities between August 7, 2019 and February 5, 2020, inclusive (the Class Period).
If you suffered a loss on your Alpha and Omega investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email [email protected] or visit our website at www.glancylaw.com to learn more about your rights.
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 Companys compliance with export control regulations relating to certain business transactions with Huawei and its affiliates (˜Huawei). Moreover, [i]n connection with this investigation, [the Department of Commerce] has requested the Company to suspend shipments of its products to Huawei. Alpha and Omega stated that 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.
On this news, Alpha and Omegas stock price fell $1.48 per share, or 12%, to close at $10.85 per share on February 6, 2020, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Companys 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 Companys business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Alpha and Omega securities during the Class Period, you may move the Court no later than May 18, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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