Faruqi & Faruqi, LLP Announces Investigation of Opnext, Inc. (OPXT)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Opnext, Inc. (“Opnext” or the “Company”) (NASDAQ: OPXT) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Oclaro, Inc. (NASDAQ: OCLR) in an all-stock transaction valued at about $177 million. Under the terms of the proposed transaction, Opnext shareholders will receive a fixed ratio of 0.42 shares of Oclaro common stock for every share of Opnext common stock they own.
Whether Opnext’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Opnext’s shares and by how much this proposed transaction undervalues the Company to the detriment of Opnext’s shareholders are the key focus of this investigation.
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Faruqi & Faruqi, LLP
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