NEW YORK, NY / ACCESSWIRE / February 29, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Alpha and Omega Semiconductor Limited ("AOS" or the "Company") (AOSL). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether AOS and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action]
On February 5, 2020, post-market, AOS issued a press release announcing its financial results for the second fiscal quarter of 2020. In its press release, the Company also 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')" and that "[i]n connection with this investigation, [the Department of Commerce] has requested the Company to suspend shipments of its products to Huawei . . . . Accordingly, we expect 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."
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.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP