SOURCE: Johnson & Perkinson

March 06, 2008 15:08 ET

Johnson & Perkinson Announces Commencement of Class Action Litigation Naming Opnext, Inc.

SOUTH BURLINGTON, VT--(Marketwire - March 6, 2008) - Johnson & Perkinson hereby announces the commencement of a class action lawsuit naming Opnext, Inc. ("Opnext") (NASDAQ: OPXT). The action, docket numbered 08-CV-00920, was filed in the United States District Court for the District of New Jersey. Individuals, families, trusts or other entities that purchased Opnext common stock between February 14, 2007 and February 13, 2008, inclusive, have the opportunity to participate as Lead Plaintiffs in the currently pending class action litigation against the Company. To do so, you must apply to serve in that capacity by April 21, 2008.

Johnson & Perkinson, a litigation boutique law firm based in South Burlington, Vermont, has extensive experience prosecuting investor class actions and actions involving financial fraud. Attorneys Johnson and Perkinson are both former employees of the Securities and Exchange Commission. Dedicated to maximizing shareholder return, members of Johnson & Perkinson have prosecuted complex class actions alleging securities or consumer fraud/deception on behalf of investors/consumers against numerous public companies since 1985, resulting in the recovery of many hundreds of millions of dollars, and have been singled out for excellence by various courts. The firm is litigating, or has recently resolved litigation, as Lead or Co-Lead Counsel in securities class actions against Xerox, Priceline, Wireless Facilities, i2 and Xchange, and serves on the Executive Committee in the Global Crossing case.

The complaint alleges that Opnext and certain of its present and former officers, directors, and control persons violated Sections 11 and 15 of the Securities Act of 1933 by issuing a materially inaccurate Registration Statement and Prospectus (collectively the "Registration Statement") in connection with the Company's IPO. According to the Complaint, on or about February 14, 2007 Opnext commenced its IPO priced at $15.00 per share for over 16 million shares of stock. The Complaint asserts that Opnext's Registration Statement was materially false because: (i) the Company's reported net income for the quarter and six months ended December 31, 2007 was overstated; and (ii) the Company's reported net loss for the fiscal year ended March 31, 2006 was understated. When this adverse information was disclosed, the Complaint alleges that Opnext's stock price declined, damaging investors.

If you wish to discuss this action or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Johnson & Perkinson attorneys James F. Conway, III or Eben F. Duval toll free at 1-888-459-7855; via email at email@jpclasslaw.com; through our website at www.jpclasslaw.com; or by mail at Johnson & Perkinson, 1690 Williston Road, P.O. Box 2305, South Burlington, Vermont 05403. Attorneys at Johnson & Perkinson can help you decide if seeking appointment as a Lead Plaintiff is right for you. Your ability to share in any recovery is not affected by your decision to not seek appointment as a Lead Plaintiff.

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