SOURCE: Kahn Gauthier Swick, LLC

February 21, 2008 10:42 ET

INVESTOR ALERT: KGS Announces That Opnext Investors May Now Request Lead Plaintiff Position in Securities Class Action Lawsuit

NEW ORLEANS, LA--(Marketwire - February 21, 2008) - Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Opnext, Inc. ("Opnext" or the "Company") (NASDAQ: OPXT) who purchased shares of the Company in its Initial Public Offering ("IPO") on February 14, 2007 or in the open market from February 14, 2007 through February 13, 2008 (the "Class Period"), have only until April 21, 2008 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the District of New Jersey. No class has yet been certified in this action.

UNLESS A CLASS IS CERTIFIED, YOU ARE NOT PERSONALLY REPRESENTED BY COUNSEL UNLESS YOU RETAIN AN ATTORNEY.

If you purchased shares of Opnext, you are urged to contact Lewis Kahn, Managing Partner, KGS, toll free 1-866-467-1400, ext. 100, via cell phone at 504-301-7900, or by email at lewis.kahn@kgscounsel.com to learn about your legal rights and how this action may benefit you. For further information on KGS, please visit www.kgscounsel.com. KGS focuses its practice on securities class action litigation, and has been appointed lead counsel in numerous federal securities class actions.

Opnext and certain of its officers and directors -- collectively, "defendants" -- are charged with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the IPO, in violation of the Securities Act of 1933.

Beginning on January 11, 2008 -- after defendants and other Company insiders has sold almost $300 million in Company stock to investors in the public markets -- defendants first revealed that the Company was operating well below plan and defendants' forward guidance would need to be adjusted -- substantially downward. In reaction to this news shares of the Company declined precipitously, falling from almost $7.00 per share on January 10, 2008, to a low of $3.77 per share on January 11, 2008, on exceptionally heavy trading volume with over 6 million shares traded -- hundreds of times the Company's recent average daily trading volume.

Soon thereafter, however, defendants shocked and alarmed investors further, after the Company announced, on February 13, 2008, that Opnext would restate financial results for fiscal 2006 and 2007 -- including the period prior to the February 2007 IPO. Following the publication of the existence of these belated adverse conditions that existed within the Company from at least the time of the IPO, if not before, shares of Opnext again declined precipitously, falling an additional 16% on heavy trading volume with over 1.0 million shares traded -- many times the Company's recent average daily trading volume.

SPECIAL NOTICE: Courts will generally appoint only one law firm to prosecute a securities class action on behalf of the shareholders based upon the amount of losses its "lead plaintiffs" have suffered. Accordingly, while KGS urges you to sign up with the firm, KGS also encourages you to carefully evaluate any other firm you may consider to represent your interests in the Opnext class action, should you be considering another firm. You may also choose to remain an absent class member. Critical components of a law firm's ability to successfully prosecute this action and obtain a strong recovery for you include the resources it will dedicate to prosecution of the case, including the number of lawyers the firm has available for the Opnext action in particular, AND especially the quality of the firm's work. Interested shareholders are encouraged to call for consultation and to request more information about KGS.

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