METAIRIE, La., Feb. 13, 2008 (PRIME NEWSWIRE) -- The Law Offices of Eric J. O'Bell, LLC ("O'Bell") announce that it is commencing an investigation into Opnext Inc. ("Opnext" or the "Company") (Nasdaq:OPXT) to determine whether it has violated federal securities laws by issuing materially false and misleading statements to shareholders.
Opnext, a producer of laser technology, announced today that it will restate results to account for errors in the valuation of inventory. Opnext also announced that net income was overstated by approximately $1.8 million for the fiscal year ended March 31, 2007 and net loss was understated by approximately $1.0 million for the fiscal year ended March 31, 2006. Shares of Opnext fell again today to close at $4.65.
If you are an Opnext shareholder, and/or have information that would assist in this ongoing investigation, or have other questions related to a loss you've suffered in your investment, you may contact Eric J. O'Bell directly without obligation or cost to you at 504-456-8677; or by email to ejo@obelllawfirm.com.