OCLR.US
id: 675, Created by Stan Vick, Scout
Oclaro (OCLR) $15.25M Shareholder Settlement
How it works?
- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
Claim payout
N.D. California
Court3:18-cv-03435
Case number15 May 2018
Class period Start10 Dec 2018
Class period End21 Dec 2023
Claim deadlineOclaro | $OCLR settles $15.25 million with its shareholders over $LITE merger-related claims.
The Case referred to a merger agreement signed in March 2018 between Oclaro (OCLR) and Lumentum (LITE), with Oclaro shareholders receiving a combination of cash and stock for each share they owned.
- The value of each Oclaro share was ~$9.99 at the time of the signing, based on the trading price of Lumentum shares.
- Later, in May 2018, Lumentum filed a statement in support of the merger.
However, the shareholder complaint alleged that the merger undervalued Oclaro. The Board created a special committee to oversee the merger, but the committee was flawed because the CEO and a director who would benefit from the merger were both on it, suggesting they did not fulfill their fiduciary duties to shareholders.
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Breach of Fiduciary duty
Suspected Party
Directors,
Management,
Investment Bank
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.09
Filing date
24 May 2018
Lead plaintiff
SaiSravan Bharadwaj Karri
Attorney
Monteverde & Associates PC (Culver City, CA)
Defendants
Marissa Peterson, Edward Collins, Greg Dougherty, Kendall Cowan, Denise Haylor, Ian Small, Bill Smith, Joel A. Smith III
Judge
Hon. Vince Chhabria
Administrator
RG/2
Exclusion deadline
21 December 2023
Objection deadline
21 December 2023
Hearing deadline
21 December 2023
Trades matching type
FIFO
+$15,250,000
Total Settlement Amount