According to the law firm press release, Applied Optoelectronics, Inc. ("Optoelectronics" or the Company) develops and manufactures advanced optical products which are the building blocks for broadband and fiber access networks primarily for Internet data center, cable television, and fiber-to-the-home networking end-market.

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) a major customer was reducing its purchases of the Company’s 40G receivers; (ii) the loss of this major customer’s business would have a severe negative impact on the Company’s financial performance; and (iii) as a result of the foregoing, Optoelectronics’ public statements were materially false and misleading at all relevant times.

On January 22, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on March 6. Defendants filed a Motion to Dismiss the consolidated amended Complaint on April 4. On March 27, 2019, the Court issued an Order denying Defendants' Motion to Dismiss. Lead Plaintiff filed a second consolidated amended Complaint on May 24. On May 28, Plaintiffs filed a class certification motion. On December 20, the Court issued an Order granting Plaintiffs' Motion to Certify.

The parties notified the Court that they had reached an agreement in principle to settle the case on June 3, 2020. On August 3, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on August 25. On November 24, the Court granted final approval of the Settlement and entered Final Judgment.