NEW YORK, Aug. 14, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Applied Optoelectronics, Inc. ("Applied Optoelectronics" or the "Company") (NASDAQ: AAOI) of the October 4, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Applied Optoelectronics stock or options between July 13, 2017 and August 3, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/AAOI. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of Texas on behalf of all those who purchased common stock and/or call options or sold put options of Applied Optoelectronics between July 13, 2017 and August 3, 2017 (the "Class Period"). The case, Abouzied v. Applied Optoelectronics, Inc. et al, No. 4:17-cv-02399 was filed on August 5, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) one of the Company's major customers was reducing its purchases of Applied Optoelectronics' 40G receivers; (2) the loss of this customer's business would have a severe negative impact on the Company's financial performance; and (3) as a result, the Company's public statements were materially false and misleading.
Specifically, after market on August 3, 2017, the Company issued a press release announcing the financial results for the second quarter of 2017. Therein, the Company stated, in part, that for the third quarter of 2017 the Company will "see softer than expected demand for our 40G solutions with one of our large customers that will offset the sequential growth and increased demand we expect in 100G."
After this announcement, the Company's share price fell from $97.99 per share on August 3, 2017 to a closing price of $64.60 on August 4, 2017 —a $33.39 or a 34.07% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Applied Optoelectronics' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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