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OCLR.US
id: 675

Oclaro (OCLR) $15.25M Shareholder Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.
N.D. California
Court
3:18-cv-03435
Case number
15 May 2018
Class period Start
10 Dec 2018
Class period End
21 Dec 2023
Claim deadline
Oclaro | $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
Plaintiffs
SaiSravan Bharadwaj Karri
Attorneys
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

Oclaro Inc

Oclaro, Inc. designs, manufactures, and markets optical components, modules, and subsystems for the long-haul, metro, and data center markets worldwide. The company's products generate, detect, com...

    Ticker
    OCLR.US
    ISIN
    US67555N2062
    CIK
    1110647
    Sector
    Other
    Industry
    Other
    Country
    USA
    Address
    225 Charcot Avenue 95131,San Jose,USA