The litigation, spearheaded by the firm Faruqi & Faruqi, LLP, centers on claims that POET Technologies failed to disclose its potential status as a passive foreign investment company. This oversight reportedly carried significant negative tax implications for U.S. stockholders. Furthermore, the complaint alleges that executive Thomas Mika violated non-disclosure agreements by publicly discussing sensitive business arrangements, a move that purportedly jeopardized key partnerships.

The situation escalated on April 27, 2026, when reports surfaced that Marvell Semiconductor had canceled all purchase orders with POET Technologies. The cancellation followed disclosures that the company had breached confidentiality obligations regarding shipping details and order information. The news triggered a sharp market reaction, with the company’s stock price dropping more than 45% during intraday trading. Investors seeking to discuss their legal rights or participation in the class action may contact partner Josh Wilson at 877-247-4292.