Several investor rights law firms, including Rosen Law Firm and Faruqi & Faruqi, have filed federal securities class-action lawsuits against POET Technologies Inc. (NASDAQ:POET) for purchasers of its securities between April 1, 2026, and April 27, 2026.
According to the filings, the lawsuits allege that POET Technologies made false and misleading statements to investors. The complaints claim the company misrepresented its tax status by failing to disclose it was likely a passive foreign investment company (PFIC), which can create negative tax implications for U.S. shareholders.
The lawsuits further allege that a senior executive, Thomas Mika, violated a non-disclosure agreement in a public interview, endangering the company’s business prospects. This issue was cited by Marvell Semiconductor as the reason for cancelling all purchase orders on April 23, 2026, for what it said were “violations of confidentiality obligations.”
Following the disclosure of the cancelled orders, POET’s stock price collapsed by more than 45% during intraday trading on April 27, 2026. The lawsuits seek to recover damages for investors who purchased the stock during the class period and suffered losses.
The legal proceedings create a significant operational and financial overhang for the company, which is in the early stages of its revenue growth. The combination of a major contract loss and multiple class-action lawsuits will likely require significant management attention and legal costs over the coming quarters.
The lawsuits put the focus on POET's disclosure controls and corporate governance. For shareholders, the immediate deadline to watch is June 29, 2026, which is the last day to move the court to be appointed as lead plaintiff for the class.
This article is for informational purposes only and does not constitute investment advice.
