On Holding faces securities fraud probe after CEO Martin Hoffmann's exit triggers 11% stock drop

On Holding AG is under investigation by Pomerantz LLP for possible securities fraud and unlawful practices following CEO Martin Hoffmann's announced departure in May. Hoffmann's exit, part of a planned break for philanthropy, led to co-founders David Allemann and Caspar Coppetti becoming co-CEOs. This leadership change follows the previous CEO's departure just a year earlier and caused On's stock to fall over 11%. The investigation could impact investor confidence and the company's future governance.