Shareholder Accuses Finisar Execs Of Fraud, Insider Trading

Law360, New York (May 9, 2012, 4:30 PM EDT) -- A shareholder hit some directors and executives of high-tech company Finisar Corp. with a derivative suit in California federal court on Friday accusing them of artificially inflating the firm’s value and cashing out millions in equity just before the company’s stock price crashed.

James Kenney alleges in his complaint that throughout 2010 and early 2011, the fiber-optic component maker misled investors, stating that revenue growth experienced by the firm was a result of “a steady, organic increase in demand for its products.” 

In reality, Kenney claims,...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Kenney v. Gertel


Case Number

5:12-cv-02268

Court

California Northern

Nature of Suit

Stockholders Suits

Judge

Edward J. Davila

Date Filed

May 4, 2012

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.