POET Technologies Executives Face Securities Lawsuit Over Alleged Breach

The litigation, filed in the United States District Court for the District of New Jersey, centers on purchases made between April 1 and April 27, 2026. Levi & Korsinsky, LLP, representing the investors, alleges that CEO Suresh Venkatesan and CFO Thomas Mika signed false Sarbanes-Oxley certifications while harboring knowledge of material risks. The complaint specifically highlights an April 21, 2026, interview where Mika discussed business relationships with Celestial AI and Marvell Semiconductor Inc., despite allegedly being bound by non-disclosure agreements that compromised those very partnerships.

Under Section 20(a) of the Securities Exchange Act, the lawsuit contends that both executives exercised control over the company’s public disclosures and acted with reckless disregard for the accuracy of their statements. The collapse in value followed the disclosure that Celestial AI had canceled its orders due to a confidentiality breach, a development the plaintiffs argue was omitted from earlier public communications. While the deadline for lead plaintiff applications is set for June 29, 2026, class members are not required to take immediate action to remain eligible for potential recovery.