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Glancy Binkow & Goldberg LLP, Representing Investors of Finisar Corporation, Announces Class Action Lawsuit and Seeks to Recove

^{Published on 2011-03-16 18:40:36 - Market Wire}
 

LOS ANGELES--([ BUSINESS WIRE ])--Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of a class consisting of all persons or entities who purchased the securities of Finisar Corporation (aFinisar a or the aCompanya) (NASDAQ:FNSR) between December 1, 2010 and March 8, 2011, inclusive (the aClass Perioda).

A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at [ shareholders@glancylaw.com ], or visit our website at [ http://www.glancylaw.com ].

Finisar designs, develops, manufactures and markets optical subsystems and components that are used to interconnect equipment in short-distance local area networks, storage area networks, longer distance metropolitan area networks, fiber-to-the-home networks, cable television networks and wide area networks. The Complaint alleges that Finisar and certain of its executive officers misrepresented and/or failed to disclose that: (1) the Companya™s recent revenue surge was partially due to an inventory build by Finisar customers; (2) as such, Finisara™s recent revenue surge was not due solely to organic growth; (3) increasingly intense competition was forcing the Company to concede steep discounts to retain customers; (4) the Company was experiencing a slowdown in its business from China; and (5), as such, the Company failed to disclose known trends and uncertainties about its revenue growth as required by SEC regulations.

On March 8, 2011, Finisar reported financial results for its fiscal third quarter 2010 and disclosed that its revenues for the 2010 fiscal fourth quarter ending April 30, 2011, would be negatively impacted by an oversupply of inventory in the market, pricing pressures and a slowdown in business from China.

On this news, Finisara™s stock declined $15.43 per share, nearly 39%, to close on March 9, 2011, at $24.61, on unusually heavy volume.

Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience prosecuting class actions, and substantial expertise in actions involving corporate fraud.

If you are a member of the class described above, you may move the Court, no later than May 16, 2011, to serve as lead plaintiff; however, you must meet certain legal requirements. 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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to [ shareholders@glancylaw.com ], or visit our website at [ http://www.glancylaw.com ].