Oclaro, Inc.
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Oclaro, Inc. Securities Settlement
The lawsuit was settled for $3.7 million in cash. the following is a summary of the proceedings in this lawsuit: ‘Defendant Oclaro provides optical components and subsystems to the telecommunications industry. This is a securities class action on behalf of all persons who purchased or acquired the common stock of Oclaro between May 6, 2010 and October 28, 2010, inclusive, against Oclaro and certain of its officers and/or directors for violations of the Securities Exchange Act of 1934 (Exchange Act). Lead Plaintiff alleges that throughout the Class Period and more specifically in May, June, July and August 2010 the Company and certain of its top executives made false and misleading statements to the investment community concerning purported current and increasingly strong customer demand for Oclaro products. In addition, Lead Plaintiff alleges that Defendants made false and misleading statements in July and August 2010 in issuing (and then reaffirming) Oclaro increased revenue and earnings guidance for first quarter 2011 (1Q11) (ended October 2, 2010) and accelerated margin guidance for the calendar year 2010 at a time they were aware of facts seriously undermining the reasonableness of these projections. In July and August 2010, Lead Plaintiff alleges that Defendants also misrepresented to the market the significance of Oclaro close customer relationships by inaccurately boasting that these relationships provided them with knowledge of existing order firmness as well as future customer needs. Lead Plaintiff alleges that when Defendants disclosed the truth about the Company true condition, Class Members suffered damages as a result of the decline in the price of Oclaro common stock.’