Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of Finisar Corporation (“Finisar” or the “Company”) (Nasdaq: FNSR) during the period between December 2, 2010 and March 8, 2011 (the “Class Period”).
The complaint alleges that Finisar and certain of its executive officers violated federal securities laws by failing to disclose that the Company’s recent revenue growth was due to an oversupply of inventory in the market, and the Company would not be able to sustain its strong growth due to increased pricing pressures and a slowdown in business from China. As a result of Finisar’s false statements, the Company’s stock traded at artificially inflated prices during the Class Period, trading as high as $43.23 per share on February 14, 2011.
On March 8, 2011, Finisar released its third quarter fiscal year 2011 results, reporting earnings of $18.8 million. The Company also reported its fourth quarter 2011 revenues would be in the range of $235 to $250 million, lower than analysts’ estimates. The next day Finisar’s stock fell nearly 39%, closing at $24.61 per share.
If you are a member of the class, you have until May 16, 2011 to request that the Court appoint you as lead plaintiff for the class. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff.If you have suffered a loss in Finisar stock, you may obtain additional information about this lawsuit by contacting Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or by visiting http://www.zlk.com/finisar-fnsr.html. Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.