NEW YORK--(BUSINESS WIRE)-- Pomerantz LLP announces that a class action lawsuit has been filed against Applied Optoelectronics, Inc. (“Optoelectronics” or the “Company”) (NASDAQ:AAOI) and certain of its officers. The class action, filed in United States District Court, Southern District of Texas, Houston Division, and docketed under 17-cv-02512, is on behalf of a class consisting of investors who purchased or otherwise acquired Optoelectronics securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Optoelectronics securities between July 13, 2017, and August 3, 2017, both dates inclusive, you have until October 4, 2017, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Applied Optoelectronics, Inc. develops and manufactures advanced optical products which are the building blocks for broadband and fiber access networks primarily for Internet data center, cable television (CATV), and fiber-to-the-home (FTTH) networking end-market.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) a major customer was reducing its purchases of the Company’s 40G receivers; (ii) the loss of this major customer’s business would have a severe negative impact on the Company’s financial performance; and (iii) as a result of the foregoing, Optoelectronics’ public statements were materially false and misleading at all relevant times.
On August 3, 2017, post-market the Company issued a press release entitled “Applied Optoelectronics Reports Second Quarter 2017 Results,” announcing the final financial results for the second quarter of 2017 ending June 30, 2017. Optoelectronics advised investors, in relevant part, that “as we look into the third quarter, we see softer than expected demand for our 40G solutions with one of our large customers that will offset the sequential growth and increased demand we expect in 100G.”
On this news, shares of the Company fell by $33.39 per share, or more than 34%, from its previous closing price to close at $64.60 per share on August 4, 2017, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
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Robert S. Willoughby
Source: Pomerantz LLP