Celestial cancels Marvell POs on NDA breach; class actions & June vote
Key Questions
What caused POET Technologies' stock to drop sharply?
The stock fell about 50% after Marvell canceled over $5M in purchase orders due to an NDA breach. This triggered broader selling amid sector weakness and ongoing legal issues.
What are the class action lawsuits against POET focused on?
Lawsuits allege PFIC tax nondisclosure and the NDA breach with Marvell. The Faruqi deadline was June 29 2026, though filings continue and the legal overhang persists despite the date passing.
What happened at POET's June shareholder meeting?
Shareholders approved all proposals at the June 26 AGM, including the redomicile vote intended to avoid PFIC status. The company is also pursuing a hiring sprint and factory targets.
How has Jim Cramer referenced POET's situation?
Cramer cited the POET crash as a cautionary tale amid parabolic moves in chip stocks. He noted making portfolio adjustments before further volatility.
Are there any new developments from recent lawsuit reminders?
A June 18 Rosen Law reminder added no new information beyond existing PFIC and NDA claims. Legal proceedings continue with Citadel disclosing a passive stake between 5.1% and 5.9%.
50% stock collapse after Marvell cancels >$5M POs on NDA breach. Class actions (Faruqi deadline June 29 2026) over PFIC tax nondisclosure + NDA breach ongoing. June redomicile vote to dodge PFIC — shareholders approved all proposals at AGM (June 26). Hiring sprint and factory target as counterpoint. Legal overhang persists. The class action deadline has passed, but lawsuits continue with new details: PFIC nondisclosure and NDA breach claims. Jim Cramer recently cited this crash as a cautionary tale. A stale lawsuit reminder (ex-aed27865) from Rosen Law (dated June 18) adds no new information.