TAKE A LOOK AT WHICH REPORT YOUR PORTFOLIO'S BEEN MISSING...

Shareholders Foundation offers real-time reporting of class action exposure on a per transaction basis,
including the documents you will need for claim filing and settlement recovery.
Start Monitoring Your Investments

Oclaro, Inc. Long Term Investor Files Lawsuit Against Directors

  • If you are a current long term investor in shares of Oclaro, Inc. (NASDAQ:OCLR) behalf including those who purchased (also) prior to May 2010 their OCLR shares and continue to hold those shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Oclaro, Inc.
Security
NASDAQ: OCLR

Case Name
Oclaro Shareholder Derivative Action 06/29/2011
Type of Lawsuit
Stockholder Derivative Action
You must register or login to receive notifications.

Click here to subscribe to Oclaro, Inc..
Summary

June 29, 2011 - A current investor in Oclaro, Inc. (NASDAQ:OCLR) filed a lawsuit against directors and certain officers of Oclaro over alleged breaches of fiduciary duties.
The lawsuit by a current long term investor of Oclaro, Inc. (NASDAQ:OCLR) follows a lawsuit on behalf of those who purchased Oclaro securities only between May 6, 2010 and October 27, 2010, over alleged violations of Federal Securities Laws. According to that complaint the plaintiff alleges on behalf of investors who purchased OCLR shares only between May 6, 2010 and October 27, 2010 that Oclaro Inc violated the Securities Exchange Act of 1934 by issuing between May 6, 2010 and October 27, 2010 materially false and misleading statements regarding its current business and financial condition, including projections for its first quarter 2011 and fiscal 2011 revenues, earnings and gross margins.

On October 28, 2010, before the market opened, Oclaro Inc. announced the financial results for its first quarter of fiscal year 2011, which ended October 2, 2010.

According to the complaint Oclaro reported first quarter 2011 earnings per share of $0.01 as compared to analyst estimates of $0.22 and Oclaro Inc. also posted sequential gross margin declines and reported that its anticipated second quarter 2011 revenues, earnings and gross margins, which it had previously indicated would post accelerated gains, would also be down, all as a result of sudden customer inventory corrections and weak demand visibility, among other things. On this news, so the plaintiff, Oclaro’s stock price fell 37% to close at $8.60 per share on October 28, 2010, from a close of $13.68 per share on October 27, 2010, on high volume.

Since then OCLR shares were able to regain value and increased to over $18 in February 2011, but then fell in March 2011 to $10.41 and traded recently at under $10 per share.