POET Technologies (NASDAQ: POET) saw its stock price plunge 47% to $7.95 on April 27, following Marvell Technology's (NASDAQ: MRVL) cancellation of all purchase orders inherited from Celestial AI. The orders, initially seen as a significant win for POET, were canceled due to alleged confidentiality breaches by POET's CFO, Thomas Mika, during a public interview. The cancellation has sparked investor uncertainty, with POET's stock further declining 9.4% in after-hours trading to $7.20. Analysts have downgraded POET to a speculative micro-cap, citing potential revenue losses and reputational damage. Meanwhile, Marvell's stock remains relatively stable, closing at $158.21, despite the controversy.
POET Technologies Stock Plummets 47% After Marvell Cancels Orders
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