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Applied Optoelectronics, Inc. (NSADAQ: AAOI) Investor Securities Class Action Lawsuit 10/01/2018

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Lawsuit Overview

Case Dismissed
Company
Applied Optoelectronics Inc
Security
NASDAQ: AAOI

Case Name
Applied Optoelectronics Shareholder Class Action Lawsuit 10/01/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Texas

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

January 29, 2020 - The case was dismissed with prejudice.

May 6, 2019 - A motion to dismiss the amended complaint was filed.

March 5, 2019 - An amended complaint was filed.

October 1, 2018 - An investor in shares of Applied Optoelectronics, Inc. (NSADAQ: 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 August 7, 2018 and September 27, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Applied Optoelectronics, Inc. (NSADAQ: AAOI) common shares between August 7, 2018 and September 27, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 7, 2018 and September 27, 2018, the defendants failed to disclose to investors that certain of the Company’s lasers were susceptible to fail prematurely, that certain of the Company’s transceivers utilizing these lasers would be materially affected, and that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

Sugar Land, TX based Applied Optoelectronics, Inc. designs, manufactures, and sells various fiber-optic networking products worldwide.

Applied Optoelectronics, Inc. reported that its annual Total Revenue rose from $260.71 million in 2016 to $382.32 million in 2017 and that its Net Income increased from $31.23 million in 2016 to $73.95 million in 2017.

Shares of Applied Optoelectronics, Inc. (NSADAQ: AAOI)grew from $23.56 per share in March 2018 to as high as $49.50 per share in July 2018.

On September 28, 2018, the Company reduced its revenue forecast, citing issues with a customer order, stating “we identified an issue with a small percentage of 25G lasers within a specific customer environment. Consistent with AOI's commitment to supreme product quality and customer support, we mutually agreed with the customer to temporarily suspend shipments of certain transceivers utilizing these lasers while we worked to gain a deeper understanding of the scope of the issue and implement a solution.”

Shares of Applied Optoelectronics, Inc. (NSADAQ: AAOI) declined to as low as $22.15 per share on October 3, 2018.