An investor in Oclaro, Inc. shares filed a lawsuit on behalf of those who purchased Oclaro securities only between May 6, 2010 and October 27, 2010, against Oclaro, Inc. for allegedly violating Federal Securities Laws.

Meanwhile an investigation on behalf of current long term investors in Oclaro, Inc. (NASDAQ:OCLR) including also those who purchased (also) prior to May 2010 their OCLR shares and continue to hold those shares was announced.

The investigation by a law firm on behalf of current long term investors in stocks of Oclaro, Inc. (NASDAQ:OCLR) concerns whether certain current and/or former members of Oclaros board of directors and certain executive officers can be held liable in connection with the alleged Securities Laws violations in the lawsuit filed by investors who purchased OCLR shares only between May 6, 2010 and October 27, 2010.
According to the complaint the plaintiff alleges 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.

Oclaros 52weeks Total Revenue increased from $171.18million reported on June 30, 2007 to $392.55million reported on July 3, 2010. Its Net Income rose over the same time frame from a Net Loss of $82.17million to a Net Income of $12.38million.

Shares of Oclaro, Inc. (Public, NASDAQ:OCLR) reached as high as $17.07 per share on October 17, 2010.

Then 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, Oclaros 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.