ASML Holding N.V. (“ASML”) is a Dutch semiconductor equipment manufacturer headquartered in Veldhoven, Netherlands, and listed on Euronext Amsterdam and NASDAQ. The company is the world’s leading supplier of advanced lithography systems, including extreme ultraviolet (“EUV”) and deep ultraviolet (“DUV”) technologies, which are essential for the production of advanced semiconductor chips.

At least between January 17, 2024, and October 16, 2024 (“Relevant Period”), ASML and its executives made statements concerning demand, customer orders, backlog and the company’s financial outlook which have provided investors with an overly positive view of ASML’s future growth prospects.

Throughout this period, ASML assured investors that demand for its semiconductor equipment was improving, that its backlog provided strong visibility into future revenues, and that 2025 would be a year of significant growth. The company maintained its guidance of €30 to €40 billion in 2025 net sales and repeatedly referred to strong customer demand and the expected recovery of the semiconductor industry.

The reality was different. ASML was already facing customer order delays and postponements, weaker demand visibility and a slower-than-expected semiconductor recovery, while a significant portion of Chinese demand was driven by customers accelerating purchases ahead of new export restrictions rather than reflecting sustainable underlying demand.

ASML continued to provide positive statements regarding its outlook throughout the Relevant Period. On January 24, April 17 and July 17, 2024, ASML executives referred to strong demand, backlog visibility and the expected strength of 2025. On July 17, ASML confirmed its €30–40 billion 2025 revenue guidance and stated that it was “nicely on track” for the range.

ASML also continued to describe demand from China as strong. On January 24, 2024, CEO Peter Wennink stated that the China business was strong and described demand as “very robust”. The allegations concerning the case maintain that this demand was significantly affected by customers bringing forward purchases ahead of tighter export restrictions.

On October 15, 2024, ASML disclosed significantly weaker-than-expected third-quarter bookings of approximately €2.6 billion, compared with €5.4 billion expected by analysts, and reduced its 2025 net sales guidance to €30–35 billion. ASML also stated that the semiconductor recovery was progressing more slowly than previously expected and that customers had become more cautious.

The disclosure resulted in a significant decline in ASML’s share price. The shares fell by 15.64% on October 15, 2024, from €792.00 to €668.10, followed by a further decline of 19.96% on October 16, to €633.90. Overall, the share price declined by approximately 21.6% over the two trading days.

Key Developments Supporting the Claim

The allegations concerning ASML’s disclosures are further supported by ongoing securities litigation in the U.S. District Court for the Southern District of New York (In re ASML Holding N.V. Securities Litigation, No. 24-cv-08664).

In March 2026, the U.S. Court allowed the core securities fraud claims to proceed beyond the motion-to-dismiss stage. The Court found that investors had sufficiently alleged misleading statements and omissions concerning, among other matters, ASML’s expected 2025 performance, customer demand, China demand, backlog, order intake and the semiconductor recovery.

The U.S. proceedings also identify significant insider transactions during the Relevant Period, including the sale by ASML’s CFO of his remaining ASML holdings and substantial sales by other senior executives. These transactions provide additional context regarding management’s awareness of the developments affecting ASML’s outlook during the Relevant Period.

Taken together, the U.S. proceedings provide additional corroboration of the underlying disclosure issues and the factual basis for assessing potential claims by affected investors under Dutch law.

Regulatory and Legal Allegations

The allegations concern whether ASML and its executives provided investors with an incomplete and overly positive picture of the company’s future performance by failing to adequately disclose adverse developments affecting customer demand, order intake, China sales, backlog strength and the pace of the semiconductor recovery.

The case is supported by ASML’s public statements and financial disclosures during the Relevant Period, the subsequent October 2024 correction and the significant corresponding decline in ASML’s share price. The U.S. securities proceedings provide additional corroboration of the factual issues underlying the claim.

Our Proposal

Martingale Risk is organizing a collective action in the Netherlands to support investors who suffered financial losses in connection with ASML’s alleged misleading disclosures.

The legal strategy will involve an extra-judicial negotiation with ASML and/or participation in legal proceedings in the Netherlands to recover losses suffered by affected investors. We will operate on a full contingent fee basis of the recovered amount, with no anticipated costs, fees or expenses for the clients.

Investors who purchased or acquired ASML securities between January 17, 2024, and October 16, 2024, may be eligible to participate and seek compensation for their losses.

For the purpose of a preliminary assessment, we ask investors to provide transaction data covering the period from January 17, 2024, to February 24, 2025, including the transaction date, quantity and price, together with their holdings in ASML securities as of January 17, 2024.