POET Technologies faces securities fraud lawsuit over tax status, CFO comments

Robbins LLP filed a securities fraud class action against POET Technologies Inc. on behalf of investors who bought shares between April 1 and April 27, 2026, alleging the company misrepresented its tax status and that its chief financial officer violated a business agreement in a public interview.

"The Company made false and misleading statements to the market," the complaint alleges, according to a statement from Robbins LLP. POET misrepresented its tax status due to the likelihood it would be deemed a passive foreign investment company, or PFIC, which would have negative tax implications for individual U.S. stockholders, the lawsuit claims.

The class period runs from April 1, 2026, through 8:57 a.m. ET on April 27, 2026. Investors who purchased POET securities during that window have until June 29, 2026, to file a motion to serve as lead plaintiff. Multiple law firms — including the Schall Law Firm, Bernstein Liebhard LLP, and the Rosen Law Firm — have announced similar actions or are investigating claims on behalf of shareholders.

The lawsuit also alleges that CFO Thomas Mika violated a business agreement by speaking about POET's business arrangements in a public interview, despite affirming he was not violating a non-disclosure agreement. The company's business prospects were endangered as a result, according to the complaint. POET trades on the Nasdaq under the ticker POET. Shares closed at $14.85 on June 4, down 4.04%, as the market absorbed the litigation news.

The securities class action introduces legal and reputational risk for POET Technologies. Investors will watch for the company's formal response and any settlement discussions ahead of the June 29 lead plaintiff deadline.

This article is for informational purposes only and does not constitute investment advice.