NEW YORK, April 15, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of Finisar Corp. ("Finisar" or the "Company") during the period from December 1, 2010 – March 8, 2011 (the "Class Period"). Such investors are advised to contact Rachelle R. Boyle at email@example.com or 888-476-6529, ext. 237.
Finisar designs, develops, manufactures and markets optical subsystems and components that are used to interconnect equipment in short-distance local area networks, storage area networks, longer distance metropolitan area networks, fiber-to-the-home networks, cable television networks and wide area networks. Specifically, the investigation concerns whether the Company's recent revenue growth was partially due to an inventory build by its customers, and the Company would not be able to sustain its strong growth due to increased pricing pressures and a slowdown in business in China.
On March 8, 2011, Finisar reported financial results for its fiscal third quarter 2010 and disclosed that its revenues for the 2010 fiscal fourth quarter ending April 30, 2011 would be negatively impacted by an oversupply of inventory in the market, pricing pressures and a slowdown in business from China. In response to this news, Finisar shares fell $15.43 or more than 39 percent on March 9, 2011.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See .
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 (ext. 237) firstname.lastname@example.org