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FNSR > SEC Filings for FNSR > Form 8-K on 15-Aug-2013All Recent SEC Filings

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Form 8-K for FINISAR CORP


15-Aug-2013

Other Events, Financial Statements and Exhibits


Item 8.01 Other Events.

As previously disclosed, Finisar Corporation (the "Company") is a nominal defendant in several derivative actions pending in federal and state courts in California. In December 2006 and January 2007, three derivative lawsuits were filed in the United States District Court for the Northern District of California (the "District Court"). In February 2007, the three lawsuits were consolidated as In re Finisar Corporation Derivative Litigation, Case No. C-06-07660-RMW (N.D. Cal). In January 2007, two derivative lawsuits were filed in the Superior Court of the State of California for the County of Santa Clara. In March 2007, the two Superior Court lawsuits were consolidated as In re Finisar Corporation Derivative Litigation, Case No. CV 078405, and in May 2007 the consolidated case was stayed by the Superior Court pending resolution of the federal litigation.

The plaintiffs in all of the cases alleged that certain of the Company's current and former officers and directors caused the Company to grant stock options at less than fair market value, contrary to the Company's public statements (including its financial statements), and that, as a result, those officers and directors are liable to the Company.

On June 27, 2013, the parties, through their respective counsel, executed a stipulation of settlement (the "Stipulation") and related documents formalizing an agreement to settle all of the cases. The Stipulation was filed with the District Court on June 28, 2013. On August 9, 2013, the District Court entered an order preliminarily approving the proposed settlement and scheduling a hearing on October 18, 2013 for consideration of final approval.

Pursuant to the Stipulation and the District Court's preliminary approval order, the Company is filing copies of the Stipulation and a notice of proposed derivative settlement as exhibits to this report on Form 8-K. In addition, the Company will publish the Stipulation and the same notice on the Company's website (www.finisar.com) and will publish a shorter-form notice one time in Investor's Business Daily.



Item 9.01 Financial Statements and Exhibits.

Exhibit
No. Description

99.1 Stipulation of Settlement

99.2 Notice of Proposed Derivative Settlement


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