Opnext, Inc.Cohen Milstein has filed a lawsuit on behalf of its client and a proposed class of persons who purchased and/or acquired the common stock of Opnext, Inc. (“Opnext” or the “Company”) (NasdaqGS: OPXT) pursuant or traceable to the Company’s February 14, 2007 Initial Public Offering (the “IPO” or the “Offering”), in the United States District Court for the District of New Jersey. The complaint charges Opnext and certain of its officers and directors with violations of the Securities Act of 1933. On February 13, 2008, the Company unexpectedly announced that it would be restating earnings for the fiscal years ended March 31, 2006 and March 31, 2007, and for the three month periods ended December 31, 2006, September 30, 2006 and June 30, 2006, due to errors in its financial statements. As a result, previous figures for these periods could no longer be relied upon. The complaint alleges that, in the Registration Statement filed in connection with the Company’s IPO, the defendants failed to disclose or indicate that the financial statements contained in the Registration Statement understated the Company’s net loss by $1 million for the fiscal year ended March 31, 2006. Moreover, net income was overstated by $0.7 million for the three-month period ended December 31, 2006 and understated by $0.1 million for the three-month period ended September 30, 2006. Finally, net loss was understated by $0.5 million for the three-month period ended June 30, 2006. In response to this news, shares of the Company’s stock declined more than 16%, to close on February 13, 2008 at $4.65 per share. This closing price represented a cumulative loss of $10.35, or 69%, since the time of its IPO. If you purchased or acquired Opnext securities during the Class Period, you may, no later than April 21, 2008, move the court to be appointed as Lead Plaintiff. There are certain legal requirements to serve as Lead Plaintiff. Any member of the purported class may move the court to serve as Lead Plaintiff through counsel of their choice or may choose to remain an absent class member. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as Lead Plaintiff. To be a member of the class, you need not take any action at this time. Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Philadelphia, Chicago, San Francisco and London, and is active in major litigation pending in federal and state courts throughout the nation. The firm’s reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total in the billions of dollars. If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following: Steven J. Toll, Esq.
Jonathan Tucker
Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
1100 New York Avenue, N.W.
West Tower – Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
E-mail: stoll@cmht.com or jtucker@cmht.com |
