Robbins Arroyo LLP: Applied Optoelectronics, Inc. (AAOI) Misled Shareholders According to a Recently Filed Shareholder Lawsuit
SAN DIEGO & SUGAR LAND, Texas--(BUSINESS WIRE)--Oct 12, 2018--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Applied Optoelectronics, Inc. (NasdaqGM: AAOI) have filed a complaint against the company’s officers and directors for violations of the Securities Exchange Act of 1934 from August 7, 2018 and September 27, 2018. Applied Optoelectronics designs, manufactures, and sells various fiber-optic networking products worldwide.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/applied-optoelectronics-inc-oct-2018/
Applied Optoelectronics Product Quality Issues Affect its Financials
According to the complaint, on September 27, 2018, an analyst with Loop Capital Markets downgraded the company’s stock, reporting that Applied Optoelectronics was experiencing product quality issues with lasers in certain transceivers, and lowered gross margin and revenue expectations because he anticipated the company would start procuring lasers externally through 2019. On this news, the share price fell more than 9% on September 27, 2018.
Then, on September 28, 2018, Applied Optoelectronics cut its guidance for the third quarter 2018, announcing it had identified an issue with its lasers, and that as a result, it would suspend shipments of certain transceivers. On this news, the stock price fell $3.70 per share, or more than 13%, to close at $24.66 per share on September 28, 2018.
Applied Optoelectronics Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181012005396/en/
CONTACT: Leonid Kandinov
Robbins Arroyo LLP
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
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PUB: 10/12/2018 01:47 PM/DISC: 10/12/2018 01:47 PM