NEW YORK, May 8, 2026, 13:13 (EDT)
- POET shares ended up on Friday, despite fresh shareholder notices keeping the spotlight on a securities class action over the Marvell-Celestial AI order fallout.
- The clock is ticking for investors from the proposed class period—they’ve got until June 29 to file for lead plaintiff status.
- The dispute centers on POET’s disclosures about its U.S. tax status and the scrapped Celestial AI purchase orders—Celestial now under Marvell’s umbrella.
POET Technologies Inc. shares jumped Friday, moving as high as $11.815 before drifting down a bit—lately up $1.39 at $10.97 on the Nasdaq. Investors responded to fresh shareholder alerts connected to a federal securities class action, which focuses on the company’s tax statements and the orders it lost from Celestial AI.
The timing here is key: law firms are pressing up against the June 29 cut-off for investors hoping to be named lead plaintiff—the one who steers the case for the proposed class. On Friday, The Gross Law Firm put out a notice, targeting buyers from April 1 through April 27. The firm clarified: you don’t have to be appointed lead plaintiff to take part in any potential recovery.
According to Rosen Law Firm, the class action covers investors who bought POET securities between April 1 and 8:57 a.m. ET on April 27. The firm says lead-plaintiff motions need to be in by June 29.
Jones v. POET Technologies Inc. et al landed in the U.S. District Court for the District of New Jersey on April 28, PacerMonitor shows. Named in the suit: POET, CFO Thomas Mika, and CEO Suresh Venkatesan. The docket logged a complaint featuring a jury demand, with summonses going out a day later, April 29.
The key disclosure landed ahead of the market open on April 27. POET reported that Marvell Semiconductor Inc.—after its acquisition of Celestial AI—had scrapped every purchase order POET previously got from Celestial AI, including those initial production-unit orders made public back in 2023. According to POET, an SEC-filed exhibit shows Marvell accused the company of violating confidentiality by disclosing order and shipping details.
The news slammed a stock that was already behaving like a speculative small-cap AI play. POET shares plunged over 47% on April 27 after the cancellation, MarketWatch noted, adding that the company makes products that link lasers to tiny fiber-optic cables for data-center optical systems.
The suit also cites POET’s classification as a passive foreign investment company, or PFIC—a label that can create additional U.S. tax and reporting headaches for certain shareholders. The IRS requires U.S. holders of PFIC shares to file Form 8621 in various scenarios, such as when making a qualified electing fund (QEF) election.
Back on April 14, POET addressed the matter, telling U.S. shareholders it would provide the information needed for a QEF election, and confirming its expectation of PFIC treatment for 2025. Mika, for his part, said, “We believe that we will not qualify as a PFIC,” when talking about 2026, and noted the board’s plan to shift the company’s headquarters and redomicile in the United States. GlobeNewswire
The company isn’t a major player in chip manufacturing. Its focus: high-speed optical engines, light-source products, and optical modules—hardware targeting AI infrastructure and hyperscale data centers. The firm pitches its Optical Interposer as a chip-scale tech that bridges photonic and electronic devices. Photonics, simply put, relies on light to shuttle data, a path many chip and networking firms are racing down as demand for faster AI connections grows.
The landscape extends well beyond POET. Back in December, Marvell struck a $3.25 billion deal to acquire Celestial AI, aiming to shore up its photonics game. CEO Matt Murphy told Reuters the purchase would turn Marvell into a “silicon photonics powerhouse.” According to Reuters, Celestial’s technology brings Marvell into tighter competition with Broadcom and Nvidia as players link AI chips together. Reuters
Still, the bounce doesn’t erase the underlying risk. In its April 27 filing, POET flagged uncertainty tied to whether it can restore ties with Marvell, win new Marvell business, fulfill current purchase orders, and stave off cancellations or pushbacks. So, with litigation just getting started, the company is left hunting for fresh commercial validation.
