N@N

The Briscoe Law Firm Investigates Finisar Corporation on Behalf of Shareholders for Possible Breaches of Fiduciary Duties by It

^{Published on 2011-03-21 14:10:18 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation firm of [ Powers Taylor, LLP ] are investigating potential legal claims against the officers and Board of Directors of Finisar Corporation (aFinisara or aFNSRa) (NASDAQ: FNSR) during the period of December 1, 2010 through March 8, 2011 (the aClass Perioda).

It has been alleged in a recently-filed complaint that during the Class Period, Finisar and certain of its officers and directors made materially false and misleading statements or failed to disclose material information related to Finisara™s business and operations in violation of the Securities Exchange Act of 1934. Specifically, ita™s alleged that the defendants failed to disclose: (1) that 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) that increasingly intense competition was forcing Finisar to concede steep discounts to retain customers; (4) that the company was experiencing a slowdown in its business from China; and (5), as such, Finisar failed to disclose known trends and uncertainties about its revenue growth as required by SEC regulations. On March 8, 2011, when the news of Finisara™s financial results for its fiscal third and fourth 2010 quarters was reported, Finisara™s stock declined $15.43 per share, nearly 39%, to close on March 9, 2011, at $24.61, on unusually heavy volume. Moreover, it is alleged that during the Class Period, certain officers sold approximately 249,000 shares of Finisar during the class period at artificially inflated share prices for nearly $6.4 million in proceeds.

If you currently own or purchased Finisar/FNSR shares and would like additional information regarding this investigation or if you have information regarding the allegations against the company, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.