Top brass at semiconductor manufacturing company Onsemi have been hit with a shareholder derivative suit alleging they made false statements to investors about the demand for its products from electric-vehicle manufacturers, which resulted in losses when the company failed to meet its 2022 revenue target.
The suit accuses the defendants of violating the Exchange Act, breaching fiduciary duties, wasting corporate assets, unjust enrichment, abuse of control and gross mismanagement. Silva seeks an order that would require On semi to take action to improve internal controls and board oversight, and the individual defendants to pay restitution to Onsemi and disgorge any ill-gotten gains.
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