More directors have resigned from MRV Communications Inc., which has been under the shadow of shareholder unrest with the threat of a proxy fight and slipping revenue.

Four board members last week announced their intent to resign from the Chatsworth communication equipment provider. First, Philippe Tartavull, the company’s interim chairman, announced Jan. 9 that his resignation was to take effect Jan. 13. MRV then postponed its annual meeting, when shareholders were scheduled to vote on director appointments, to Jan. 16.

In the days that followed, Michael McConnell, Joan Herman and Michael Keane also announced their intent to resign, prompting MRV to further postpone the meeting to Jan. 20.

Shareholders appear to have responded favorably to the shakeup. Shares, which trade on the Over-the-Counter Bulletin Board, closed Jan. 12 at 93 cents, up close to 6 percent for the week.

The wave of resignations at MRV began when Chairman Ken Shubin Stein and Chief Executive Dilip Singh left the board in October, and Singh resigned from the company in December. Chris King has taken over as interim chief executive. The company declined to comment for this article.

In a December article, King told the Business Journal that Singh’s departure was unrelated to the company’s financial performance.

MRV, which sells switchers, routers and other telecommunications and Internet equipment, has faced increasing competitive pressure. As a few big carriers dominate the U.S. mobile phone market, smaller players that are more likely to buy from MRV get squeezed out, and the big carriers buy from giants such as Cisco Systems Inc. in San Jose.

The company reported third quarter revenue of $62.5 million, compared with $66.1 million in the third quarter last year. Net income was $2.08 million, down from $3.57 million.

Last summer, a group of shareholders, including hedge fun managers Boston Avenue Capital LLC and Prescott Group Capital Management LLC, pressed for a change in board leadership. Several threatened to start a proxy war to replace the directors unless the company reduced the size of the board, returned money to shareholders and took steps to relist on the Nasdaq.

At the time, Raging Capital Management LLC wrote to the board, admonishing the directors for “not being able to work together in an amicable and productive manner that advances the interests of the shareholders.”