MRV Sues Fiberxon Execs Over $131M Merger Woes

Law360, New York (March 26, 2009, 12:00 AM EDT) -- Telecommunications equipment supplier MRV Communications Inc. has slapped the former executives, directors and stockholders of Fiberxon Inc., which MRV bought in 2007 for $131 million despite the company's inability to provide audited financial statements before closing, with a suit claiming breach of warranty over the sale.

The suit, filed Wednesday in the Superior Court of Los Angeles County, Calif., is demanding more than $31.5 million in damages from the Santa Clara, Calif.-based company's former officers and shareholders, MRV disclosed in a regulatory filing with the U.S....
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