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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV