San Diego, CA -- (SBWIRE) -- 04/09/2012 -- An investor in NASDAQ:OPXT shares filed a lawsuit against directors of Opnext, Inc. in effort to stop the proposed takeover of Opnext, Inc. by Oclaro, Inc. under which Opnext shareholders will receive a fixed ratio of 0.42 shares of Oclaro common stock.
Investors who purchased shares of Opnext, Inc. (NASDAQ:OPXT) prior to March 26, 2012 and currently hold (some of) those NASDAQ:OPXT shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that defendants breached their fiduciary duties owed to NASDAQ:OPXT stockholders arising out of the attempt to sell Opnext at an unfair price via an unfair process to Oclaro, Inc.
On March 26, 2012, Oclaro, Inc. and Opnext, Inc. (Nasdaq: OPXT) announced that they have entered into an agreement to merge in an all-stock transaction. Under the terms of agreement, Opnext shareholders will receive a fixed ratio of 0.42 shares of Oclaro common stock for every share of Opnext common stock they own.
Based on a closing $4.66 price of NASDAQ:OCLR shares on March 26, 2012 Opnext shareholders will receive a value of $1.96 per share.
However, the plaintiff alleges that the offer by Oclaro is unfair to Opnext shareholders and undervalues the company. In fact, NASDAQ:OPTX shares traded during May 2011 as high as $2.88 and in February as high as $4.17 per share.
Those who are current investors in Opnext, Inc. (NASDAQ:OPXT) and purchased their NASDAQ:OPXT shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego