Finisar Corp. shook off a proposed securities class action alleging it made statements that artificially inflated the price of its stock.

The Oklahoma Firefighters Pension & Retirement System failed to show that the company’s challenged statement had any price impact on the market, the U.S. District Court for the Northern District of California said May 24.

The court denied for the third time the pension system’s motion for class certification.

The plaintiffs argued that new evidence warrants reconsideration of the...