SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

March 17, 2011 12:27 ET

Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased Finisar Corporation Common Stock between 12/2/10 and 3/8/11; Announces Upcoming Investor Deadline (FNSR)

DENVER, CO--(Marketwire - March 17, 2011) -  Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of investors who purchased or otherwise acquired Finisar Corporation ("Finisar" or the "Company") (NASDAQ: FNSR) common stock between December 2, 2010 and March 8, 2011, inclusive (the "Class Period"). 

What actions may I take at this time? If you purchased shares during the Class Period and wish to serve as a lead plaintiff, you must request appointment by the court no later than May 16, 2011. If you would like to discuss this action, the lead plaintiff process, or have any questions concerning this notice, please contact plaintiff's counsel, Jeffrey A. Berens, Esq. at (888) 300-3362 x302 or via email at jeff@dyerberens.com. Any member of the putative class may request a lead plaintiff appointment through counsel of its choice or may choose to do nothing and remain an absent class member. 

What are the allegations in the complaint? The complaint charges that, throughout the Class Period, defendants' public statements were materially false and misleading. Specifically, the complaint alleges that: (a) Finisar's recent revenue surge was not due solely to organic growth from real end-market demand, but rather it was partially due to an inventory build by the Company's customers; (b) Finisar was experiencing increasing pricing pressures due to intense competition in the industry and, as a result, it was forced to concede to steep discounts in order to retain certain of its customers; (c) Finisar was experiencing a serious slowdown in business from China, which would have a detrimental effect on the Company's ability to continue growing at unprecedented rates; and (d) Finisar failed to disclose known trends and uncertainties as required by SEC regulations concerning its revenue growth rate. Based upon the foregoing, the complaint charges Finisar and certain of its officers and directors with violations of the Securities Exchange Act of 1934. 

About Dyer & Berens LLP. The plaintiff is represented by several law firms, including Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. 

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362 x302
    Email: Email Contact
    Website: www.DyerBerens.com