LOS ANGELES, Oct. 03, 2018 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of Applied Optoelectronics, Inc. (“Applied Optoelectronics” or the “Company”) (NASDAQ: AAOI) securities between August 7, 2018 and September 27, 2018, inclusive (the “Class Period”). Applied Optoelectronics investors have until November 30, 2018 to file a lead plaintiff motion.
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Applied Optoelectronics purports to design and manufacture fiber-optic networking products, primarily for four networking end-markets. On September 28, 2018, the Company reduced its revenue forecast, citing issues with a customer order, stating “we identified an issue with a small percentage of 25G lasers within a specific customer environment” and “we mutually agreed with the customer to temporarily suspend shipments of certain transceivers utilizing these lasers while we worked to gain a deeper understanding of the scope of the issue and implement a solution.” On this news, the Company’s share price fell more than 13%, on usually heavy trading volume, to close at $24.66 per share on September 28, 2018.
The complaint alleges that, during the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that certain of the Company’s lasers were susceptible to fail prematurely; (2) that certain of the Company’s transceivers utilizing these lasers would be materially affected; and (3) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
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If you purchased shares of Applied Optoelectronics during the Class Period you may move the Court no later than November 30, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
www.glancylaw.com
shareholders@glancylaw.com