Robbins Umeda LLP Announces an Investigation of Oclaro, Inc. for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Oclaro, Inc. (NASDAQGS: OCLR). Oclaro designs, manufactures, and markets optical components, modules, and subsystems that generate, detect, amplify, combine, and separate light signals in telecommunications networks. The company was formerly known as Bookham, Inc., and changed its name to Oclaro in April 2009. The company was first established in 1988 and is headquartered in San Jose, California.
Robbins Umeda LLP’s investigation focuses on whether the directors and officers of Oclaro harmed the company by breaching their fiduciary duties to shareholders by causing or permitting the company to issue false and/or misleading statements regarding the company’s business and financial conditions.
Despite the company’s previous statements that indicated it would experience accelerated gains, on October 28, 2010, Oclaro stated that its gross margins for the first quarter of 2010 declined, and that it expected additional declines in second quarter revenues, earnings, and gross margins. Furthermore, the company reported earnings per share of only $0.01, compared to analyst estimates of $0.22. Oclaro blamed this decline and low earnings on customer inventory corrections and weak demand visibility. On this news, Oclaro’s stock price declined 37% to close at $8.60 per share on October 28, 2010, from a close of $13.68 per share on October 27, 2010.
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