Ramsey v. MRV Communications et al.

Settled: November 16, 2010

In this case of alleged stock options backdating, we secured a $10 million settlement.

In Ramsey v. MRV Communications et al., No. 08-CV-04561 GAF (RCx) (C.D. Cal.), Labaton Sucharow was appointed lead counsel representing lead plaintiff Kwok Wong on behalf of himself and the Class against defendants MRV Communications, Inc. ("MRV"), Noam Lotan, Shay Gonen, Kevin Rubin, Guy Avidan, Michael Blust, Guenter Jaensch, Igal Shidlovsky, Daniel Tsui and Baruch Fischer (collectively, the "Defendants"). Lead plaintiff alleges that MRV and certain directors and officers of MRV improperly backdated the Company's stock option grants and made materially false and misleading statements regarding MRV's financial results and accounting for stock options.

On November 16, 2010, the Honorable Gary A. Feess of the United States District Court for the Central District of California granted final approval of the $10 million settlement of this action. 

If you purchased or acquired MRV's common stock during the period between March 31, 2003 and October 8, 2009, inclusive, and were allegedly damaged thereby, you may be able to recover if you submitted a Proof of Claim form with supporting documents by September 25, 2010. A Settlement Hearing was held on November 15, 2010 at 9:30 a.m. before Judge Gary A. Fees in Courtroom 740 of the Roybal Federal Building, the United States District Court for the Central District of California, 255 East Temple Street, Los Angeles, California 90012.

Please see the links to the right for copies of the Preliminary Approval Order, Notice of Pendency of Class Action and Proposed Settlement, Proof of Claim form, the Final Order and Judgment and the Order Awarding Attorneys' Fees and Expenses.