OCLR.US
id: 675
Oclaro (OCLR) $15.25M Shareholder Settlement
N.D. California
Court3:18-cv-03435
Case number05/15/2018
Class period Start12/10/2018
Class period End12/21/2023
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.
Case Status
Disbursement
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
05/24/2018
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
12/21/2023
Objection deadline
12/21/2023
Hearing deadline
12/21/2023
Trades matching type
FIFO
Disbursement date
10/21/2024
+$15,250,000
Cash Settlement Amount