A key confidential witness in a securities case against European semiconductor company STMicroelectronics has recanted many statements attributed to him. The case involves allegations that STM misled investors about the company's financial health and hid significant deterioration in its business. The complaint, which survived a motion to dismiss last year, relies heavily on information from "Confidential Witness 1," who served as president of STM's automotive division from 2012 until he was fired in 2023. Despite this, the judge allowed the case to proceed without determining the credibility of the witness.