Opnext Inc. Case 2/22/2008

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Company Name(s): 
Opnext
Case Name: 
Opnext Inc. Case 2/22/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: OPXT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/22/2008
Class Period Begin: 
02/14/2007
Class Period End: 
11/25/2008
Settlement Amount: 
$2,000,000
Deadline to Participate in Settlement: 
02/05/2010
Settlement Notice: 
application/pdf iconnotice_Opnext.pdf
Settlement Proof: 
application/pdf iconproof_Opnext.pdf
Summary: 

According to a press release dated February 20, 2008, the complaint charges that Opnext and certain of its present and former officers, directors, and control persons violated Sections 11 and 15 of the Securities Act of 1933 by issuing a materially inaccurate Registration Statement and Prospectus (collectively the “Registration Statement”) in connection with the Company’s IPO.
According to the Complaint, on or about February 14, 2007 the Opnext commenced its IPO priced at $15.00 per share for over 16 million shares of stock. The Complaint asserts that Opnext’s Registration Statement was materially false because: (i) the Company’s reported net income for the quarter and six months ended December 31, 2007 was overstated; and (ii) the Company’s reported net loss for the fiscal year ended March 31, 2006 was understated.
The Complaint further alleges that on February 13, 2008 the Company announced, among other things, the Company’s previously issued financial statements could no longer be relied upon and that it had to restate them. As a result of these adverse disclosures, Opnext’s stock price dropped, damaging investors.