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Oclaro announces preliminary approval of Opnext merger litigation

Oclaro announced that the Superior Court of California in and for the County of Alameda has granted preliminary approval of the previously disclosed proposed settlement of four pending putative class actions filed in that court challenging the proposed merger between the company, Tahoe Acquisition Sub, and Opnext (OPXT). Under the proposed settlement, the remaining plaintiffs agreed to settle these matters for additional disclosures only, subject to court approval. Plaintiffs have agreed to limit their application for fees and costs to $235,000. In addition, the parties agreed that the two actions filed in the Delaware Court of Chancery challenging the merger would be dismissed. The proposed settlement is subject to final court approval. The court has set a final approval hearing for January 31, 2013, at 10:00 a.m.