Welcome to the Opnext, Inc. Class Action Settlement website.

The following is a summary of information presented in more detail in the Notice of Pendency of Class Action and Proposed Settlement, Motion for Attorneys’ Fees and Settlement Fairness Hearing ("Notice"), which Class Members should have received in the mail, and which you can access by clicking on the box with that name to the left. Since this is just a summary, you should see the full Notice for additional details.

Please read this information carefully. If you are a Settlement Class Member (as defined below), your rights will be affected by these proceedings and you may be entitled to receive benefits under a proposed $2,000,000 class action settlement.

Settlement Fairness Hearing

The Court held a Settlement Hearing at 10:00 a.m. on January 6, 2010, at the Clarkson S. Fisher Building & U.S. Courthouse and Post Office Building, Court Room 1, 402 East State Street, Trenton, New Jersey 08608 and determined:

• (a) The proposed Settlement is fair, reasonable and adequate and is approved by the Court;
• (b) The proposed Plan of Allocation for distributing the Settlement to Class Members is fair and reasonable and is approved; and
• (c) The application by Lead Counsel for an award of attorneys’ fees and reimbursement of litigation expenses is approved.

What is this case about?

The lawsuit claimed that Opnext’s Registration Statement and Prospectus used in its February 14, 2007 IPO contained false or misleading statements concerning its recent revenues and earnings, because Opnext disclosed on February 13, 2008 that it would restate certain financial reports that had been included in the Registration Statement and Prospectus. The lawsuit claimed that the Opnext Defendants and Underwriter Defendants were liable under Sections 11, 12(a)(2) of the Securities Act of 1933 (the “Securities Act”), 15 U.S.C. §§77k and 77l, and that the Individual Defendants and Hitachi were liable under Section 15 of the Securities Act, 15 U.S.C. §§770, to the persons who purchased Opnext common stock pursuant or traceable to the IPO during the Class Period. The lawsuit seeks money damages against the Defendants.

The Defendants deny all allegations of misconduct or liability contained in the Complaint, and deny having engaged in any wrongdoing whatsoever.

Terms of the Settlement

In exchange for the Settlement and dismissal of the Action, Opnext has agreed to cause its insurers to create a $2 million fund to be divided, after fees and expenses, among all Class Members who send in valid Proof of Claim forms.

Your share of the fund will depend on the total Recognized Claims represented by the valid Proof of Claim forms that Class Members send in, how many shares of Opnext stock you bought, how much you paid for them, and when you bought and whether or when you sold them, and if so for how much you sold them.

You can calculate your Recognized Claim in accordance with the formula in the Plan of Allocation. It is unlikely that you will get a payment for all of your Recognized Claim. After all Class Members have sent in their Proof of Claim forms, the payment you get will be a part of the Net Settlement Fund equal to your Recognized Claim divided by the total of everyone’s Recognized Claims. See the Plan of Allocation on page 9 of the Notice for more information on your Recognized Claim.

The Rights of the Class Members

If you are a Class Member, you have the following options:

• FILE A PROOF OF CLAIM – To qualify for a payment, you must timely send in a completed Proof of Claim form with supporting documents (DO NOT SEND ORIGINALS) to the Claims Administrator. At the link on the left, you may get a Proof of Claim form. Please read the instructions carefully, fill out the Proof of Claim form, include all the documents the form asks for, sign it, and mail it to the Claims Administrator by first class mail, postmarked no later than February 5, 2010. The Claims Administrator needs all of the information requested in the Proof of Claim in order to determine what you may be entitled to.
  
  
• EXCLUDE YOURSELF FROM THE CLASS – (The Deadline Has Passed). You get no payment. This is the only option that might allow you to bring an individual lawsuit against the defendants asserting the legal claims being released in this case. A written request for exclusion from the Class needed to be postmarked no later than December 22, 2009, addressed to In re Opnext Securities Litigation Exclusions, c/o Rust Consulting, Inc., P.O. Box 2212, Faribault, MN 55021-1612.
  
  Your request to be excluded must be signed and state: (a) you request exclusion from the Class; (b) your name, address, and telephone number; and (c) the dates, the prices, and the number of shares of all purchases, acquisitions and sales of Opnext common stock between February 14, 2007 through February 13, 2008, inclusive. You cannot exclude yourself on the phone or by e-mail.
  
  If you ask to be excluded, you will not get any settlement payment, and you cannot object to the Settlement. Also, you will not be legally bound by anything that happens in this lawsuit, and you may be able to sue (or continue to sue) the Defendants and the other Released Parties in the future.
  
  
• OBJECT – (The Deadline Has Passed) If you are a Class Member (and you have not excluded yourself), and you want to object to the Settlement or any of its terms, the proposed Plan of Allocation, and/or the application by Plaintiff’s Co-Lead Counsel for an award of fees and the reimbursement of expenses, the Court will consider your views if you file a proper objection within the deadline below, and according to the following procedures.
  
  To object, you must send a signed letter saying that you object to the proposed settlement in “In re Opnext, Inc. Securities Litigation, Case No. 08-CV-920-JAP-LHG (United States District Court for the District of New Jersey).” Your letter must include your name, address, telephone number, your signature, and the dates, the prices and the number of shares of all purchases, acquisitions and sales of Opnext common stock between February 14, 2007 through February 13, 2008, inclusive.
  
  Your objection needed to be filed with the Court on or before December 22, 2009, at the following address: Clerk of the Court, Clarkson S. Fisher Building & U.S. Courthouse, 402 East State Street, Room 2020, Trenton, NJ 008608. You must have also served a copy of what you filed with the Court to the following attorneys on or before December 22, 2009:
  
  

  PLAINTIFF’S CO-LEAD COUNSEL James S. Notis, Esq. Gardy & Notis, LLP 560 Sylvan Avenue Englewood Cliffs, NJ 07632	OPNEXT DEFENDANTS‘ COUNSEL Alan E. Kraus, Esq. Latham & Watkins, LLP One Newark Center Newark, NJ 07101
  UNDERWRITER DEFENDANTS’ COUNSEL David L. Barres, Esq. Mintz Levin Cohn Ferris Glovsky and Popeo, P.C. 666 Third Avenue New York, NY 10017	HITACHI’S COUNSEL Edmund Polubinski III, Esq. Angela T. Bellizzi, Esq. Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017

FURTHER INFORMATION

Further information regarding the Litigation, the Notice and how to file your claim may be obtained by contacting the Claims Administrator or reading through the Notice and Proof of Claim links at the left. You may also contact Class Counsel at the address listed above.