Applied Optoelectronics Inc (NASDAQ: AAOI) Investor Securities Class Action Lawsuit 08/05/2017

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Company Name(s): 
Applied Optoelectronics
Case Name: 
Applied Optoelectronics Shareholder Class Action Lawsuit 08/05/2017
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: AAOI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/05/2017
Class Period Begin: 
02/23/2017
Class Period End: 
02/21/2018
Court of Filing: 
U.S. District Court for the Southern District of Texas
Deadline To File for Lead: 
10/04/2017
Summary: 

April 4, 2018 - Defendants filed a motion to dismiss.

March 6, 2018 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Applied Optoelectronics Inc (NASDAQ: AAOI) common shares between February 23, 2017 and February 21, 2018. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 23, 2017 and February 21, 2018.

January 22, 2018 - Lead plaintiff and lead counsel were appointed.

October 4, 2017 - Lead plaintiff motions were filed.

August 16, 2017 - Another investor filed a complaint.

August 5, 2017 - An investor in shares of Applied Optoelectronics Inc (NASDAQ: AAOI) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Applied Optoelectronics Inc in connection with certain allegedly false and misleading statements made between July 13, 2017 through August 3, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Applied Optoelectronics Inc (NASDAQ: AAOI) common shares between July 13, 2017 through August 3, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 13, 2017 through August 3, 2017, the defendants made false and/or misleading statements and/or failed to disclose that a major customer was reducing its purchases of the Company’s 40G receivers, that the loss of this major customer’s business would have a severe negative impact on the Company’s financial performance, and that as a result, the Company’s public statements were materially false and misleading at all relevant times.

Sugar Land, TX based Applied Optoelectronics Inc is a vertically integrated provider of fiber-optic networking products, primarily for networking end markets, such as Internet data center, cable television (CATV), fiber-to-the-home (FTTH) and telecommunications (telecom).

Applied Optoelectronics Inc reported that its annual Total Revenue rose from $189.90 million in 2015 to $260.71 million in 2016 and that its Net Income increased from $10.79 million in 2015 to $31.23 million in 2016.

On August 3, 2017, Applied Optoelectronics Inc revealed during after-hours trading that it expected its revenue for the third quarter in the range of $107 to $115 million due to the slowdown in purchasing by one of its large customers, missing expectations by a wide margin.

Shares of Applied Optoelectronics Inc (NASDAQ: AAOI) declined on August 4, 2017 to as low at $64.40 per share.