Glancy prongay & murray llp files securities class action on behalf
of applied optoelectronics, inc. investors (aaoi)
Los angeles--(business wire)--glancy prongay & murray llp (“gpm”) today announces that it has filed a class action lawsuit in the united states district court for the southern district of texas on behalf of persons that purchased or otherwise acquired applied optoelectronics, inc. (“applied optoelectronics” or the “company”) (nasdaq: aaoi) securities between august 7, 2018 and september 27, 2018, inclusive (the “class period”). the case is docketed under 18-cv-03544. the complaint asserts claims against the company and certain of its officers under the securities exchange act of 1934. applied optoelectronics investors are hereby notified that they have 60 days from the date of this notice to move the court to serve as lead plaintiff in this action. if you are an investor who suffered a loss, click here to participate. applied optoelectronics purports to design and manufacture fiber-optic networking products, primarily for four networking end-markets. on september 28, 2018, the company reduced its revenue forecast, citing issues with a customer order, stating “we identified an issue with a small percentage of 25g lasers within a specific customer environment” and “we mutually agreed with the customer to temporarily suspend shipments of certain transceivers utilizing these lasers while we worked to gain a deeper understanding of the scope of the issue and implement a solution.” on this news, the company’s share price fell more than 13%, on usually heavy trading volume, to close at $24.66 per share on september 28, 2018. the complaint alleges that, during the class period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. specifically, defendants failed to disclose to investors: (1) that certain of the company’s lasers were susceptible to fail prematurely; (2) that certain of the company’s transceivers utilizing these lasers would be materially affected; and (3) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. follow us for updates on twitter: twitter.com/gpm_llp. if you purchased applied optoelectronics securities during the class period, you may move the court no later than 60 days from the date of this notice to ask the court to appoint you as lead plaintiff. to be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class. if you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact lesley portnoy, esquire, of gpm, 1925 century park east, suite 2100, los angeles california 90067 at 310-201-9150, toll-free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. if you inquire by email please include your mailing address, telephone number and number of shares purchased. this press release may be considered attorney advertising in some jurisdictions under the applicable law and ethical rules.
