NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Oclaro, Inc. (“Oclaro” or the “Company”) (Nasdaq: OCLR) who purchased between May 6, 2010 and October 27, 2010 (the “Class Period”).
The complaint alleges that during the Class Period defendants violated federal securities laws by issuing materially false and misleading statements. In particular, the complaint alleges that: (a) defendants issued false and misleading statements regarding Oclaro’s current business and financial condition; (b) demand for Oclaro’s products was flat or declining well before October 28, 2010; (c) the company did not have a reasonable basis for its forecast of accelerated gross margin growth; and (d) Oclaro’s capacity to meet forecasted revenues, earnings, and margin growth was severely compromised.
On October 28, 2010, Oclaro reported first quarter 2011 earnings of $0.01 per share, as compared to analyst estimates of $0.22, and reported that its second quarter 2011 revenues, earnings and gross margins would be down, despite earlier projections that indicated accelerated gains. As a result, Oclaro’s stock price fell from $13.68 per share on October 27, 2010 to $8.60 per share.
If you are a member of the class and suffered a loss in Oclaro stock, you have until July 18, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. To obtain additional information about your rights, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or visit http://www.zlk.com/oclaro-oclr.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.