Applied Optoelectronics, Inc
Robbins Arroyo LLP: Applied Optoelectronics, Inc. (AAOI) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that a class action complaint was filed against Applied Optoelectronics, Inc. (NasdaqGM: AAOI) in the U.S. District Court for the Southern District of Texas. The complaint is brought on behalf of all purchasers of Applied Optoelectronics securities between July 13, 2017 and August 3, 2017, for alleged violations of the Securities Exchange Act of 1934 by Applied Optoelectronics’ officers and directors. Applied Optoelectronics designs, manufactures, and sells fiber-optic networking products primarily for Internet data center, cable television, and fiber-to-the-home networking end-markets.
Applied Optoelectronics Accused of Hiding Slowing Demand for its Products
According to the complaint, on July 13, 2017, Applied Optoelectronics announced that it expected to deliver “another record quarter with our top and bottom-line results expected to exceed our guidance.” Despite its positive projections, Applied Optoelectronics hid from investors that a major customer was reducing its purchases of the company’s 40G receivers, which would have a severe impact on the company’s financial performance. On August 3, 2017, Applied Optoelectronics revealed that the company predicted softer than expected demand for its 40G solutions with one of its large customers that will offset the sequential growth and increased demand expected in 100G. On this news, Applied Optoelectronics’ stock fell $33.39 per share, or over 34%, to close at $64.60 per share on August 4, 2017.
Applied Optoelectronics Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, or you can complete the form below and we will contact you directly.