Alpha and Omega Semiconductor Limited
The law firm of Kirby Mcinerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Alpha and Omega Semiconductor Limited (“Alpha and Omega” or the “Company”) (NASDAQ: AOSL) securities during the period from August 7, 2019 through February 5, 2020 (the “Class Period”). Investors have until May 18, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Alpha and Omega failed to disclose that: (i) the Company’s export control practices were in violation of applicable laws and regulations; and (2) as a result, the Company was vulnerable to regulatory scrutiny and liability.
On February 5, 2020, Alpha and Omega announced its financial results for the second fiscal quarter of 2020 and 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’).” Moreover, “[i]n connection with this investigation, [the Department of Commerce] has requested the Company to suspend shipments of its products to Huawei.”
On this news, shares of Alpha and Omega fell $1.48, or 12%, to close at $10.85 per share on February 6, 2020.
If you acquired Alpha and Omega securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.