NEW YORK – September 2, 2026 (STL.News) Semiconductor equipment company Onto Innovation Inc. is the subject of a shareholder investigation announced by securities law firm Levi & Korsinsky, LLP, which says it is examining possible breaches of fiduciary duties by certain company officers and directors.
The investigation involves Onto Innovation Inc. (NYSE: ONTO), a Wilmington, Massachusetts-based semiconductor process-control company serving manufacturers across the global semiconductor industry.
Levi & Korsinsky announced the investigation Tuesday, Sept. 1, saying it had begun examining “possible breaches of fiduciary duties.” The firm is inviting current Onto Innovation shareholders to contact its attorneys for additional information.
The announcement is an investigation notice and does not mean that Onto Innovation, its officers or its directors have been found to have violated securities laws or breached their fiduciary duties. The law firm’s announcement did not identify specific officers or directors alleged to have engaged in misconduct, describe the conduct underlying its investigation or announce that a lawsuit had been filed.
It also did not identify a class period, lead plaintiff deadline or alleged shareholder losses.
What is Levi & Korsinsky investigating?
Levi & Korsinsky provided few details concerning what prompted the investigation.
The New York-based law firm said only that it had “commenced an investigation of Onto Innovation Inc. concerning possible breaches of fiduciary duties.”
That distinction is important for investors.
Law firms frequently conduct preliminary investigations to determine whether facts support potential shareholder claims. An investigation does not necessarily result in litigation, and the announcement itself does not establish that Onto Innovation or any of its executives violated the law.
The firm’s announcement identifies attorney Joseph E. Levi as a contact for current Onto Innovation shareholders and says shareholders can request information at no cost or obligation.
Recent regulatory filings provide additional context about the company but do not establish the reason for the law firm’s investigation.
Onto Innovation filed its most recent quarterly report with the Securities and Exchange Commission on Aug. 6.
In that filing, the company said it is periodically subject to legal proceedings and claims arising in the ordinary course of business. Management said potential liabilities from current disputes were not expected to materially affect the company’s interim consolidated financial statements.
The filing also said Onto Innovation’s management had evaluated its disclosure controls and procedures as of June 30 and concluded that they were effective at the reasonable-assurance level.
Onto Innovation recently reported record revenue
The investigation announcement comes during a period of substantial growth and corporate activity at Onto Innovation.
On Aug. 6, the company reported record second-quarter revenue of approximately $343.1 million, compared with approximately $253.6 million during the comparable quarter in 2025.
Onto Innovation reported second-quarter net income of approximately $60.1 million, up from approximately $33.9 million during the year-earlier quarter.
The company said revenue increased nearly 18% sequentially and that its advanced-nodes business generated record quarterly revenue as semiconductor customers increased spending on artificial intelligence, high-performance computing, advanced packaging, and memory technologies.
“Onto Innovation is positioned well across several key technology inflections driving next-generation AI and high-performance compute devices,” Chief Executive Officer Mike Plisinski said when the company announced its second-quarter results.
Onto also ended the second quarter with approximately $1.88 billion in cash and short-term investments.
For the third quarter ending Sept. 30, management projected revenue between $380 million and $400 million, and GAAP diluted earnings of approximately $1.54 to $1.70 per share.
The company’s growth has also been accompanied by acquisitions, investments and financing activity.
Onto completed its acquisition of Semilab USA LLC in November 2025 for total consideration initially valued at approximately $526.6 million, according to its latest quarterly filing. The acquisition expanded Onto’s capabilities in wafer contamination monitoring, materials characterization and surface-charge metrology.
Onto reported that Semilab USA contributed approximately $20.7 million in revenue during the second quarter and approximately $46.1 million during the first six months of 2026. Semilab USA generated an operating loss of approximately $4.5 million during the second quarter and $9 million during the six-month period.
Onto has also pursued an investment in Rigaku Holdings Corp. In April, the company entered an agreement to acquire approximately 27% of Rigaku for roughly $710 million. Onto said it would receive the right to nominate one director to Rigaku’s board.
Onto disclosed executive and director trading plans
Onto Innovation’s Aug. 6 quarterly filing also disclosed Rule 10b5-1 trading plans involving several officers and directors.
CEO Michael Plisinski terminated a trading plan on April 29 that could have allowed the sale of as many as 65,937 shares. According to the filing, no transactions occurred under that plan before it was terminated.
Plisinski subsequently adopted another Rule 10b5-1 plan on May 28 providing for potential sales of up to 50,000 shares through February 2027.
Senior Vice President, General Counsel and Corporate Secretary Yoon Ah E. Oh terminated a separate Rule 10b5-1 plan on May 5. Onto reported that no transactions occurred under that plan before its termination.
Director Susan D. Lynch adopted a Rule 10b5-1 plan on May 22 providing for potential sales of as many as 1,000 shares. Director David B. Miller adopted another plan in June covering as many as 2,000 shares.
Rule 10b5-1 plans are commonly used by corporate executives and directors to establish predetermined arrangements to buy or sell company securities. The existence, adoption, termination, or execution of such a plan does not by itself indicate improper insider trading or other misconduct.
Onto explains to investors that company insiders use Rule 10b5-1 plans for liquidity and diversification.
Nothing in Levi & Korsinsky’s Sept. 1 announcement states that these trading plans are connected to its investigation.
ONTO shares decline before investigation announcement
Onto Innovation shares closed Tuesday, Sept. 1, at approximately $256.37, down $10.84, or about 4.1%, from the previous close of $267.21.
The shares traded between approximately $253.40 and $263.98 during the session.
The law firm announced the investigation at 7:50 p.m. Eastern Time, after regular U.S. stock-market trading had ended. Therefore, Tuesday’s regular-session decline occurred before the announcement, and the decline should not be attributed to it.
ONTO shares have traded in a wide range over the past year, with a reported 52-week range of approximately $101 to $386.46.
Investors will now be watching whether Levi & Korsinsky provides additional information explaining the factual basis for its inquiry and whether another securities law firm begins a separate investigation.
What happens next for Onto Innovation shareholders?
At this stage, the matter remains preliminary.
Levi & Korsinsky has announced an investigation but has not announced the filing of a shareholder derivative lawsuit or securities class action arising from the investigation.
The Sept. 1 notice also does not establish a class period or deadline for investors to seek appointment as lead plaintiff — information typically associated with an already-filed federal securities class action.
Current shareholders therefore should distinguish between a law firm’s request for information and an actual court proceeding.
Onto Innovation’s SEC filings, meanwhile, show a company reporting substantial revenue growth while simultaneously managing acquisitions, investments, restructuring expenses and significant capital-market activity.
Whether the shareholder investigation develops into litigation will depend on what the investigating attorneys uncover and whether they find a viable legal claim.
As of publication, no court has found Onto Innovation, its officers or its directors liable for the potential fiduciary-duty issues referenced in Levi & Korsinsky’s announcement.
Disclaimer: This article is provided for news and informational purposes only and does not constitute investment or legal advice. A law firm investigation does not establish wrongdoing, and allegations or potential claims should not be treated as findings of fact unless established through court proceedings or acknowledged by the parties involved.
