San Diego, CA -- (SBWIRE) -- 05/23/2012 -- An investor in NASDAQ:FNSR shares filed a lawsuit against members of the board of directors of Finisar Corporation over alleged breaches of fiduciary duty in connection with certain financial statements by Finisar Corporation.
If you are a current long term stockholder in shares of Finisar Corporation (NASDAQ:FNSR) shares, you have certain options and you should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that certain directors of Finisar Corporation caused the company to issue certain statements between December 2, 2010 and March 8, 2011 that were allegedly materially false and misleading. Specifically, the plaintiff alleges that throughout 2010 and early 2011 Finisar Corporation stated that revenue growth experienced by Finisar Corporation was a result of “a steady, organic increase in demand for its products.”
However, then on March 8, 2011, after the close of trading, Finisar Corp. announced its financial results for its third quarter ended January 30, 2011. Finisar Corp. said it had record revenues exceeding $1.0billion annual run-rate. However Finisar Corp. also disclosed that it expected adjusted earnings in the range of approximately $0.31 to $0.35 per share for the three months ending April 30, 2011. Among other things, Finisar Corp. also said in its March 8 announcement that it identified a slowdown in its business in China, a 10-day shutdown for Chinese New Year, and adjustments of inventory levels by some of its telecommunications customers as reasons for the shortfall.
Shares of Finisar Corporation (NASDAQ:FNSR) fell from as high as $43.22 per share on March 4, 2011 to $21.14 per share on March 18, 2011.
On May 22, 2012, NASDAQ:FNSR shares closed at $14.59 per share.
Those who purchased Finisar Corporation (NASDAQ:FNSR) shares and presently hold those FNSR shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego