According to the law firm press release, Acacia designs, develops, manufactures, and markets communication equipment. The Company offers high-speed coherent optical interconnect products for cloud infrastructure operators and content and communication service providers. Acacia Communications serves customers worldwide.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s manufacturing and quality control processes were deficient; (ii) the foregoing deficiencies were likely to disrupt the Company’s manufacturing, thereby impacting the Company’s revenues; and (iii) as a result of the foregoing, Acacia’s public statements were materially false and misleading at all relevant times.

On November 9, 2017, the Court appointed Lead Plaintiffs and Counsel. Lead Plaintiffs filed a consolidated amended Complaint on January 8, 2018. On February 9, Defendants filed Motions to Dismiss the consolidated amended Complaint.

On May 1, 2018, one of the individual Plaintiffs dismissed the action. On June 15, the Court issued an Order granting Acacia Defendants', Selling Defendants', and the Underwriter Defendants' Motions to Dismiss. On July 27, the parties filed a Motion to Stay derivative cases and set schedule for preliminary Settlement approval. On September 14, the parties entered into a Stipulation of Settlement. In consideration of the Settlement, Acacia will adopt several corporate governance changes as described in the Stipulation of Settlement for a period of three years. On September 17, the Court issued an Order preliminarily approving the Settlement. On January 23, 2019, the Court granted final approval of the Settlement and entered Final Judgment.