The legal complaint alleges that POET Technologies misled investors by failing to disclose its status as a passive foreign investment company. This classification carries significant tax burdens for individual shareholders, which the company allegedly omitted from its public communications. Furthermore, the suit points to a public interview where CFO Thomas Mika purportedly violated a key business agreement, damaging the firm's commercial standing.

These combined disclosures reportedly triggered a decline in share value, leading to losses for those holding the stock during the specified April window. Brian Schall, lead attorney at the Los Angeles-based firm, is currently soliciting participants to join the litigation before the June 29, 2026, deadline. As the case has not yet reached class certification, investors who do not actively participate remain absent members without formal legal representation.