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Law Offices of Howard G. Smith, Representing Investors of Finisar Corporation, Announces Class Action Lawsuit

^{Published on 2011-03-21 18:40:27 - Market Wire}
 

BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith, representing investors of Finisar Corporation (aFinisara or the aCompanya) (NASDAQ:FNSR), has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of a class (the aClassa) consisting of all persons or entities who purchased the securities of Finisar between December 1, 2010 and March 8, 2011, inclusive (the aClass Perioda).

Finisar designs, develops, manufactures and markets optical subsystems and components 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.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Finisar securities between December 1, 2010 and March 8, 2011, you have certain rights and have until May 16, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215)638-4847, Toll-Free at (888)638-4847, by email to [ howardsmith@howardsmithlaw.com ] or visit our website at [ http://www.howardsmithlaw.com ].