POET Technologies Inc's stock plummeted 9.09% intraday on Friday, reflecting significant selling pressure.

The decline was primarily driven by a broad pullback across U.S.-listed optical communication stocks, with peers like Applied Optoelectronics, Lumentum, Coherent, and Astera Labs also falling, indicating sector-wide adjustment pressure.

Additionally, the company faces headwinds from recent large-scale financing that raised share dilution concerns, as well as ongoing securities class action lawsuits alleging disclosure failures related to PFIC tax status and a CFO breach of a non-disclosure agreement that led to Marvell canceling orders tied to CelestialAI.