#USA #New York #POET Technologies #Suresh Venkatesan #Thomas Mika

POET Technologies Faces Class Action Lawsuit

In an alarming update for shareholders of POET Technologies Inc. (NASDAQ: POET), Levi & Korsinsky, LLP has officially alerted investors regarding a class action lawsuit concerning the company's delayed disclosures. Investors who purchased shares between April 1, 2026 and April 27, 2026 may be eligible for a claims recovery process, with a critical lead plaintiff deadline fast approaching on June 29, 2026.

Recent Developments

The lawsuit arises in the wake of POET Technologies' announcement that it had to cancel its purchase orders with Celestial AI due to what is alleged to be a breach of confidentiality. This disclosure has had a significant impact, leading to a staggering loss of $7.15 per share, translating to a 47.3% decline in the company's share price. The involvement of two top executives, Suresh Venkatesan (CEO) and Thomas Mika (CFO), as named individual defendants in this securities class action has raised eyebrows among investors and legal experts alike.

Individual Defendants Engaged in Misconduct

The complaint specifically highlights that both Venkatesan and Mika directly participated in managing the company and may have had access to confidential information about its operations. They are accused of signing Sarbanes-Oxley (SOX) certifications on the 2025 Annual Report, which allegedly misrepresented the accuracy of the company’s financial disclosures and internal controls. Both executives are implicated under sections 10(b) and 20(a) of the Securities Exchange Act of 1934, which essentially state that individuals who have a controlling interest can also be held liable for any violations of securities law.

Understanding Section 20(a) Liability

According to Section 20(a), individuals who exert control over another entity can also be liable should that entity breach securities laws. In this case, the lawsuit claims Venkatesan and Mika operated at the highest levels during the class period, exercising authority that led to the alleged wrongful conduct. They reportedly had full knowledge of the significant risks surrounding the company's confidentiality obligations, a key element that investors need to consider when evaluating their claims.

Serious Implications for Executives

Ignoring the integrity of disclosures can have extensive ramifications. As Joseph E. Levi, Esq. notes, "Corporate officers have a responsibility to ensure their companies’ public statements are not only accurate but also complete. When executives sign SOX certifications, they are affirming the trustworthiness of their disclosures while being aware of material risks to critical business relationships. Shareholders deserve accountability."

Steps for POET Investors

Here’s what POET Technologies investors should do right away:

• - Compile Documents: Gather any brokerage records indicating purchase dates, quantities, and share prices to evaluate your potential losses.
• - Reach Out: Contact Levi & Korsinsky for a complimentary assessment of your case.
• - Deadline Reminder: Keep in mind that the deadline for applying for the lead plaintiff role is June 29, 2026. Those that do not wish to act as lead plaintiff can still participate in any recovery without taking immediate action.

Frequently Asked Questions

• - Who Are the Defendants?

The lawsuit names POET Technologies, Inc. and the individual defendants: Suresh Venkatesan and Thomas Mika, who were implicated in the misleading disclosures.

• - Class Action Timeline: If you purchased during the relevant period, you may qualify for any recovery established from this legal action.

• - What’s Next?: Investors who sold shares at a loss may still recover losses based on the timing of their purchase, not the current ownership of shares.

This legal situation underlies the importance of ongoing scrutiny of corporate behavior and shareholder rights. Stay vigilant and adhere to all legal recommendations provided by your counsel as the deadline approaches.

For Assistance: Investors can call (212) 363-7500 or email [email protected] for further guidance on their rights in this case.