SOURCE: Milberg Weiss LLP

March 24, 2008 16:29 ET

Milberg LLP Announces Its Investigation on Behalf of Certain Investors of Opnext, Inc. -- OPXT

NEW YORK, NY--(Marketwire - March 24, 2008) - Attorney Advertising. The law firm of Milberg LLP announces that it is investigating possible illegal conduct as alleged in a proposed class action lawsuit filed in the United States District Court for the District of New Jersey against Opnext, Inc. ("Opnext" or the "Company") (NASDAQ: OPXT) and certain of Opnext's officers and directors, certain of Opnext's financial advisors and Opnext's audit firm, for violations of Sections 11 and 15 of the Securities Act of 1933. The lawsuit is on behalf of all purchasers of common stock of Opnext from February 14, 2007, through February 13, 2008, including those who purchased common stock pursuant and/or traceable to the Company's Initial Public Offering ("IPO") on or about February 14, 2007.

According to the complaint, on or about February 14, 2007, Opnext commenced its IPO priced at $15.00 per share for 16.91 million shares of stock. The complaint alleges that Opnext's Registration Statement and Prospectus were materially false and misleading because: (i) the Company's reported net income for the quarter ended December 31, 2007, was overstated by nearly 27%, or $700,000; (ii) the Company's reported net income for the fiscal year ended March 31, 2006, was overstated by approximately $1.3 million; and (iii) the Company lacked adequate internal and financial controls.

The complaint further alleges that on February 13, 2008, the company announced, among other things, that its previously issued financial statements could no longer be relied upon and must be restated. As a result of these adverse disclosures, Opnext's stock price dropped from $0.89 or 16.06%, to close at $4.47 on February 13, 2008, thereby damaging investors.

If you purchased or acquired the common stock from February 14, 2007 through February 13, 2008, including those who purchased common stock pursuant and/or traceable to the Company's IPO on or about February 14, 2007, you may move the court no later than April 21, 2008, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. You may retain Milberg LLP, or other attorneys, to serve as your counsel in this action.

Milberg LLP has been representing individual and institutional investors for nearly 40 years and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website ( for more information about the firm. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact the following attorneys:

Lori G. Feldman
Anita B. Kartalopoulos
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081


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