SOURCE: Izard Nobel LLP

May 20, 2011 16:14 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Oclaro, Inc.

WEST HARTFORD, CT--(Marketwire - May 20, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of Oclaro, Inc. ("Oclaro" or the "Company") (NASDAQ: OCLR) between May 6, 2010 and October 27, 2010, inclusive (the "Class Period").

The Complaint charges Oclaro and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that defendants concealed the following facts: (i) demand for Oclaro's products, which have sales cycles of one year, was flat or declining well before October 28, 2010; (ii) the Company did not have a reasonable basis for its forecast of accelerated gross margin growth or that orders for Oclaro products would cover forecasted financial results; and (iii) Oclaro's capacity to meet forecasted revenues, earnings, and margin growth was severely compromised.

On October 28, 2010, Oclaro reported first quarter 2011 earnings per share of $0.01 as compared to analyst estimates of $0.22. The Company also posted sequential gross margin declines and reported that its anticipated second quarter 2011 revenues, earnings and gross margins, which it had previously indicated would post accelerated gains, would also be down, all as a result of sudden customer inventory corrections and weak demand visibility. On this news, Oclaro shares fell 37% to close at $8.60 per share.

If you are a member of the class, you may, no later than July 18, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/oclaro/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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