SOURCE: Stull, Stull & Brody

February 28, 2008 18:42 ET

Stull, Stull & Brody Announces Class Action on Behalf of Shareholders of Opnext, Inc.

NEW YORK, NY--(Marketwire - February 28, 2008) - Attorney Advertising. Notice is hereby given that a class action has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Opnext, Inc. ("Opnext" or the "Company") (NASDAQ: OPXT) common stock between February 14, 2007 through February 13, 2008 (the "Class Period").

The complaint charges 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.

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, thereby damaging investors.

Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Opnext common stock during the Class Period, which is between February 14, 2007 through February 13, 2008. If you purchased or otherwise acquired Opnext common stock during the Class Period, and either lost money on the transaction(s) or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased Opnext common stock during the Class Period, you may request that the Court appoint you as lead plaintiff no later than April 21, 2008.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in New York and Los Angeles.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody, by e-mail at SSBNY@aol.com, by calling toll-free 1-800-337-4983, or by fax to 1-212-490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.

Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.

Contact Information

  • Contact:
    Tzivia Brody, Esq.
    Stull, Stull & Brody
    Email Contact
    1-800-337-4983
    fax 1-212-490-2022