This is a securities class action lawsuit against Opnext, Inc. and certain of its officers and directors.
The securities class action lawsuit alleges that Opnext issued a materially inaccurate Registration Statement and Prospectus (collectively the 'Registration Statement') in connection with Opnext's IPO.
According to the class action lawsuit, 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) Opnext's reported net income for the quarter and six months ended December 31, 2007 was overstated; and
(ii) Opnext's reported net loss for the fiscal year ended March 31, 2006 was understated.
The complaint further alleges that on February 13, 2008 Opnext announced, among other things, Opnext'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.
Name (Stock Symbol)
Opnext, Inc. (OPXT)
Opnext, Inc. manufactures optical components for the communication industry.
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