Bookham settles action seeking to enjoin acquisition of Avanex Corporation
Clients Oclaro, Inc. and Ultraviolet Acquisition Sub, Inc.
Jones Day represented Oclaro, Inc. (f/k/a Bookham, Inc.), and its wholly-owned subsidiary Ultraviolet Acquisition Sub, Inc. in a shareholder action which sought to enjoin their acquisition of Avanex Corporation. In the complaint, plaintiff sought to enjoin the transaction, alleging that: (i) that the Directors of Avanex breached their fiduciary duties to the class by agreeing to sell Avanex using an allegedly unfair process, resulting in an allegedly unfair price; and (ii) that Bookham and Utraviolet aided and abetted in these breaches of fiduciary duty. The Court refused to certify a class, and refused to appoint lead counsel. After the merger closed, the matter was settled for $20,000.
McCune v. Barbarossa, Case No. RG 09434156 (Alameda County Super. Ct. filed Feb. 3, 2009)