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Telecoms ♦ news digest


million. This compares with revenues of $4.1 million in the prior quarter and $4.8 million in the first quarter of fiscal 2010.


GAAP net loss for Q1 2011 was $3.9 million, or $0.39 per share. This compares with a net loss of $2.0 million, or $0.20 per share, in the prior quarter, and a net loss of $1.3 million, or $0.13 per share, in the first quarter of fiscal 2010.


Cash, cash equivalents and investments as of March 31, 2011 were $21.2 million, compared with $23.5 million as of December 31, 2010.


“As anticipated, 2011 began as a challenging year for the company,” said John Mikulsky, Endwave’s President and Chief Executive Officer. “The fall-off in legacy module product sales that began in 2010 continues to hamper our results.”


“We believe, however, that 2011 will be a seminal year for our stockholders as a result of the pending merger transaction with GigOptix,” continued Mikulsky. “The transaction remains on schedule to close in the second quarter of 2011. Upon the close and in the years ahead, we look forward to working with the combined company as it pursues a leadership position as a high-speed, high-frequency supplier for optical and wireless communications.”


On February 7, 2011, GigOptix, announced that it signed a definitive merger agreement to acquire Endwave. The SEC has now declared effective the S-4 registration statement relating to the proposed merger transaction. Endwave stockholders must now approve the transaction in a special shareholder meeting that is scheduled for June 17. Details will be sent to those stockholders eligible to vote as of the May 12 record date.


Finisar investor files lawsuit over federal violations


The investigation, on behalf of current long term investors in common stock of Finisar, is concerned whether certain former and current Finisar employees can be held liable in connection with the alleged Securities Laws violations.


The Shareholders Foundation has announced that it is conducting an investigation for current long


term investors in Finisar Corporation (Finisar), over possible breaches of fiduciary duties.


The complaint filed in the United States District Court for the Northern District of California says that the plaintiff, an investor in Finisar alleges on behalf of purchasers of Finisar common stock (NASDAQ: FNSR) during the period between December 2, 2010 and March 8, 2011, that the company violated the Securities Exchange Act of 1934. The company allegedly issued materially false and misleading statements regarding its business and financial results between December 2, 2010 and March 8, 2011.


Meanwhile an investigation on behalf of current long term investors of Finisar, including and in particular those who purchased (also) prior to December 2010 FNSR shares and presently continue to hold those shares was announced.


The investigation by a law firm on behalf of current long term investors in stock of Finisar is concerned whether certain current and/or former officers and members of Finisar board of directors and executive officers can be held liable in connection with the alleged Securities Laws violations in the lawsuit by investors who purchased FNSR stock between December 2, 2010 and March 8, 2011.


Finisar’s 12 month total revenue went from $418.55million to $629.88 from April 30, 2007 to April 30, 2010. Finisar was able to come out of a net loss of $48.91million, reported on April 30, 2007, to a net income of $14.13million reported on April 30, 2010.


Shares of Finisar (Public, NASDAQ:FNSR) traded during October 2010 were under $20 per share.


On December 1, 2010 Finisar announced record quarterly revenues and profitability for its second quarter ended October 31, 2010. Shares rose to almost $30 per share. Then on December 20, 2010, Finisar announced public offering of common stock. Finisar shares continued to increase to $43.22 on March 4, 2011.


On March 8, 2011, after the close of trading, Finisar announced its financial results for its third quarter ended January 30, 2011. Finisar said it had record revenues exceeding $1.0billion annual run-rate.


October 2011 www.compoundsemiconductor.net 93


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