Bernstein Liebhard LLP Announces That A Suit Has Been Filed Against Applied Optoelectronics, Inc.
August 9, 2017
Bernstein Liebhard LLP announces that a securities class action has been filed in the United States District Court for the Southern District of Texas on behalf of a class (the “Class”) consisting of all persons or entities who purchased securities of Applied Optoelectronics, Inc. (“Applied Optoelectronics” or the “Company”) (NASDAQ: AAOI) between July 13, 2017 and August 3, 2017, inclusive (the “Class Period”). The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Applied Optoelectronics develops and manufactures advanced optical products. These products are the building blocks for broadband and fiber access networks primarily used in the Internet data center, cable television, and fiber-to-the-home networking end-market.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) a major customer was reducing its purchases of the Company’s 40G transceivers; (2) the loss of this major customer’s business would have a severe negative impact on the Company’s financial performance; and (3) consequently, Applied Optoelectronics’ public statements were materially false and misleading at all relevant times.
On August 3, 2017, during after-market hours, the Company announced that it would experience softer than expected demand for its 40G product from one of its largest customers. As a result, the Company issued disappointing third-quarter revenue guidance of $107 to $115 million that was substantially below analysts’ consensus expectation of approximately $123 million.
On this news, Applied Optoelectronics stock plunged $33.39 per share, or over 34%, to close at $64.60 on August 4, 2017.
Plaintiff seeks to recover damages on behalf of all Class members who invested in Applied Optoelectronics securities during the Class Period. If you invested in Applied Optoelectronics securities as described above, and lost money on those transactions, you may wish to seek appointment as lead plaintiff in this action. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than October 4, 2017.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an Applied Optoelectronics investor and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times.