The legal action follows a sharp 47.3% decline in POET stock, amounting to a $7.15 per share loss, triggered by the company’s disclosure that all Celestial AI purchase orders were canceled due to an alleged breach of confidentiality. The complaint asserts that Venkatesan and Mika, as control persons under the Securities Exchange Act, were aware of material risks—including non-disclosure obligations to Marvell Semiconductor—while simultaneously approving public statements and Sarbanes-Oxley certifications that masked the company's true exposure.
POET Technologies Executives Face Securities Class Action Lawsuit
A securities class action lawsuit in the District of New Jersey has named POET Technologies CEO Suresh Venkatesan and CFO Thomas Mika as individual defendants, alleging they signed false financial certifications. Investors who purchased company shares between April 1 and April 27, 2026, have until June 29 to apply for lead plaintiff status.
Attorney Joseph E. Levi, representing the firm SueWallSt, contends that the executives bore direct responsibility for the accuracy of public disclosures during the class period. The lawsuit specifically challenges the integrity of the company's March 31, 2026, filing, arguing that the defendants failed to disclose critical vulnerabilities regarding internal controls and business relationships. While the deadline for lead plaintiff applications is set for June 29, 2026, investors who do not seek a leadership role remain eligible to participate in potential recoveries without further action.
Comments (0)
No comments yet. Be the first!