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The Briscoe Law Firm Investigates Oclaro, Inc. on Behalf of Shareholders for Possible Breaches of Fiduciary Duties by Its Offic

^{Published on 2011-05-23 07:41:32 - 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 Oclaro, Inc. (aOclaroa or aOCLRa) (NASDAQ: OCLR) during the period of May 6, 2010 through October 27, 2010 (the aClass Perioda).

It has been alleged in a recently-filed complaint that during the Class Period, Oclaro and certain of its officers and directors made materially false and misleading statements or failed to disclose material information related to Oclaroa™s business and operations in violation of the Securities Exchange Act of 1934. Specifically, the complaint alleges: (a) defendants issued materially false and misleading statements regarding Oclaroa™s current business and financial condition, including projections for its first quarter 2011 and fiscal 2011 revenues, earnings and gross margins; (b) demand for Oclaroa™s products, which have sales cycles of one year, was flat or declining well before October 28, 2010; (c) the company did not have a reasonable basis for its forecast of accelerated gross margin growth or that orders for Oclaro products would cover forecasted financial results; and (d) Oclaroa™s capacity to meet forecasted revenues, earnings, and margin growth was severely compromised.

On October 28, 2010, before the market opened, Oclaro reported first quarter 2011 earnings per share of $0.01 as compared to analyst estimates of $0.22. Oclaro also posted sequential gross margin declines and reported that it anticipated second quarter 2011 revenues, earnings, and gross margins, which it had previously indicated would post accelerated gains, would also be down, all as a result of sudden customer inventory corrections and weak demand visibility, among other things. On this news, Oclaroa™s stock price fell 37% to close at $8.60 per share on October 28, 2010, from a close of $13.68 per share on October 27, 2010, on high volume.

If you currently own or purchased Oclaro/OCLR 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.