Applied Optoelectronics, Inc.
- Company Name
- Applied Optoelectronics, Inc.
- Stock Symbol
- Class Period
- July 13, 2017 to August 3, 2017
- Motion Deadline
- October 4, 2017
- Eastern District of New York
On September 11, 2017, Robbins Geller Rudman & Dowd LLP filed a complaint alleging violations of the federal securities laws by Applied Optoelectronics, Inc. and certain of its officers and/or directors. The class action was commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of Applied Opto securities between July 13, 2017 and August 3, 2017 (the “Class Period”).
ROBBINS GELLER RUDMAN & DOWD LLP FILES CLASS
ACTION SUIT AGAINST APPLIED OPTOELECTRONICS, INC.
New York – September 11, 2017 – Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/appliedopto/) today announced that a class action has been commenced on behalf of purchasers of Applied Optoelectronics, Inc. (“Applied Opto”) (NASDAQ:AAOI) publicly traded securities during the period between July 13, 2017 and August 3, 2017 (the “Class Period”). This action was filed in the Eastern District of New York and is captioned Rizzo v. Applied Optoelectronics, Inc., et al., No. 17-cv-5313.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from August 5, 2017. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org email@example.com. If you are a member of this class, you can view a copy of the complaint as filed at http://www.rgrdlaw.com/cases/appliedopto/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Applied Opto and certain of its officers and/or directors with violations of the Securities Exchange Act of 1934. Applied Opto manufactures lasers and transceivers used to build fiber-optic networking equipment.
The complaint alleges that throughout the Class Period, defendants made false and misleading statements and/or failed to disclose adverse facts regarding Applied Opto’s business and prospects, including that a major customer was reducing its purchases of the Company’s 40G receivers, which would have a severe negative impact on the Company’s financial performance. As a result of defendants’ false statements and/or omissions, the prices of the Company’s securities were artificially inflated, with its stock trading at more than $103 per share during the Class Period.
On July 13, 2017, Applied Opto announced its preliminary financial results for the second quarter of 2017, with the Company’s CEO stating: “‘I’m pleased to announce that we expect another record quarter with our top and bottom-line results expected to exceed our guidance . . . . Again this quarter, our results were driven by improvement in our manufacturing costs, capacity expansion and solid execution by our production team.’” On this news, the price of Applied Opto stock began to rise, from a close of $78.04 per share on July 13, 2017, to over $103 per share in intra-day trading on July 27, 2017, and continued to trade in the $93-$99 per share range until August 2, 2017.
Then on August 3, 2017, after the market closed, Applied Opto announced its actual financial results for the second quarter of 2017, with its CEO stating that, “‘as we look into the third quarter, we see softer than expected demand for our 40G solutions with one of our large customers that will offset the sequential growth and increased demand we expect in 100G.’” On this news, the price of the Company’s shares fell $33.39 per share, or over 34%, to close at $64.60 per share on August 4, 2017.
Plaintiff seeks to recover damages on behalf of all purchasers of Applied Opto securities during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.
Robbins Geller is widely recognized as a leading law firm advising and representing U.S. and international investors in securities litigation and portfolio monitoring. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For the third consecutive year, the Firm ranked first in both the total amount recovered for investors and the number of shareholder class action recoveries in ISS's SCAS Top 50 Report. Robbins Geller attorneys have shaped the law in the areas of securities litigation and shareholder rights and have recovered tens of billions of dollars on behalf of the Firm’s clients. Robbins Geller not only secures recoveries for defrauded investors, it also implements significant corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit http://www.rgrdlaw.com for more information.
Robbins Geller Rudman & Dowd LLP
Samuel H. Rudman, 800-449-4900
David A. Rosenfeld