Finisar's $6.8M Securities Fraud Deal Gets Initial Nod

Law360 (October 1, 2020, 4:02 PM EDT) -- A California federal judge on Thursday preliminarily approved Finisar Corp.'s $6.8 million deal to resolve a nearly decade-old proposed securities class action alleging the fiber optic supplier's CEO bumped the company's stock price up just long enough to make him and the business millions.

During a remote hearing held via Zoom, U.S. District Judge Edward Davila said the proposed deal was fair and adequate and that the 25% attorney fees request was appropriate. He noted that the case is nearly 10 years old and although he preliminarily approved the settlement, he asked the investors' counsel why they decided to settle now...

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