Opnext Inc (NASDAQ: OPXT) Investor Securities Class Action Lawsuit 02/20/2008

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Company Name(s): 
Opnext
Case Name: 
Opnext Shareholder Class Action Lawsuit 02/20/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: OPXT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/20/2008
Class Period Begin: 
02/14/2007
Class Period End: 
02/13/2008
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
04/21/2008
Date Settled: 
01/06/2010
Settlement Amount: 
$2,000,000
Deadline to Participate in Settlement: 
02/05/2010
Settlement Notice: 
Settlement Proof: 
Summary: 

January 6, 2010 - The court approved the settlement, the plan of allocation, the attorneys' fees and expenses and dismissed the action with prejudice.

October 6, 2009 - The court preliminarily approved the settlement.

October 1, 2009 - Parties filed a stipulation of settlement.

December 22, 2008 - Another defendant filed a motion to dismiss.

November 6, 2008 - The court granted the voluntary dismissal of a defendant.

October 21, 2008 - A defendant filed a motion to dismiss.

July 30, 2008 - The lead plaintiff filed an amended consolidated complaint.

June 30, 2008 - The lead plaintiff and lead counsel were appointed.

May 23, 2008 - All cases were consolidated.

April 21, 2008 - Lead plaintiff motions were filed.

March 20, 2008 - Another investor filed a complaint.

March 7, 2008 - Another investor filed a complaint.

February 20, 2008 - An investor in shares of Opnext Inc (formerly NASDAQ: OPXT now trading on the NASDAQ sheets as OCLR due to Opnext Inc's merger with Oclaro Inc on July 23, 2012) filed a lawsuit in the U.S. District Court for the Northern District of California against Opnext Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff charges Opnext Inc and certain of its present and former officers, directors, and control persons with violations of 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 between February 14, 2007 and February 13, 2008.

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 alleged that on February 13, 2008 Opnext Inc announced that its 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 Inc's stock price dropped, damaging investors.