PHILADELPHIA, Feb. 07, 2020 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of shareholders of Alpha and Omega Semiconductor Limited (“AOSL” or the “Company”) (NASDAQ: AOSL) to determine whether Alpha and Omega Semiconductor may have violated the federal securities laws.
On February 5, 2020, AOSL issued a press release which, among other things, stated:
The Company notes that [the] 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%, to close at $10.85 per share on February 6, 2020.
If you wish to discuss Kehoe Law Firm’s investigation or have questions about your potential legal rights, please contact either John Kehoe, Esq, (215) 792-6676, Ext. 801, email@example.com, or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, firstname.lastname@example.org, email@example.com, to learn more about the investigation 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.
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