HARTFORD, Conn., Feb. 25, 2008 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of New Jersey on behalf of all persons who purchased the common stock of Opnext, Inc. ("Opnext" or the "Company") (Nasdaq:OPXT) from the date of the Company's Initial Public Offering (the "IPO") on February 14, 2007 through February 13, 2008, inclusive (the "Class Period").
The Complaint charges that Opnext and certain of its officers and directors violated federal securities laws by issuing a false and misleading Registration Statement in connection with the IPO. Specifically, the Registration Statement overstated the net income for the quarters ended March 31, 2006 and December 31, 2006. As a result, the Company's stock was artificially inflated throughout the Class Period.
If you are a member of the class, you may, no later than April 21, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.