In Re Finisar Corp. Derivative Litigation

ORDER GRANTING DEFENDANTS’ MOTIONS TO DISMISS

Plaintiffs City of Worchester Retirement System, Lynn Short, James Rocco, and Robert Lynch (“plaintiffs”) bring the present action as a derivative suit on behalf of Finisar Corporation (“Finisar”) against certain current and former directors and officers of Finisar. Nominal defendant Fi-nisar moves to dismiss the first amended complaint (“FAC”) for failure to make demand against the company or to plead with particularity that demand should be excused. Individual defendants David Buse, Michael Child, John Drury, Mark Farley, Roger Ferguson, David Fries, Harold Hughes, Frank Levinson, Jan Lipson, Larry Mitchell, Gregory Olsen, Jerry Rawls, Robert Stephens, Dominique Trempont, Stephen Workman, and Joseph Young move to dismiss the FAC for failure to state a claim. Individual defendant Richard Lieb moves separately to dismiss the claims against him for failure to state a claim. The individual defendants also move to dismiss the claims against them as time-barred. Plaintiffs oppose the motions. The court has read the moving and responding papers and considered the arguments of counsel. For the reasons set forth below, the court GRANTS…