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Opnext, Inc. Summary: According to a press release dated February 20, 2008, the complaint charges that Opnext and certain of its present and former officers, directors, and control persons violated Sections 11 and 15 of the Securities Act of 1933 by issuing a materially inaccurate Registration Statement and Prospectus (collectively the "Registration Statement") in connection with the Company's IPO.
According to the Complaint, on or about February 14, 2007 the Opnext commenced its IPO priced at $15.00 per share for over 16 million shares of stock. The Complaint asserts that Opnext's Registration Statement was materially false because: (i) the Company's reported net income for the quarter and six months ended December 31, 2007 was overstated; and (ii) the Company's reported net loss for the fiscal year ended March 31, 2006 was understated.
The Complaint further alleges that on February 13, 2008 the Company announced, among other things, the Company's previously issued financial statements could no longer be relied upon and that it had to restate them. As a result of these adverse disclosures, Opnext's stock price dropped, damaging investors.
INDUSTRY CLASSIFICATION:
SIC Code: 3674
Sector: Technology
Industry: Semiconductors
| COMPANY/ISSUER NAME: | Opnext, Inc. |
| COMPANY/ISSUER TICKER: | OPXT |
| COMPANY WEBSITE: | http://www.opnext.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| David Bixler, et al. v. Opnext, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 02/20/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Karen Coleman, et al. v. Opnext, Inc., et al. | |||
| Type: Complaint | Date on the document: 03/07/2008 | ||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: William G. Johnson, et al. v. Opnext, Inc., et al. | |||
| Type: Complaint | Date on the document: 03/20/2008 | ||
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