NEW YORK--(BUSINESS WIRE)--Bernstein Litowitz Berger & Grossmann LLP (“BLB&G”) has announced that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or acquired the common stock of Openwave Systems Inc. (“Openwave” or the “Company”) (NASDAQ: OPWV) during the period between September 30, 2002 to October 26, 2006 (the “Class Period”). The case is captioned Fred Garfield v. Openwave Systems, Inc., et al. CV-07-1309 and is pending before the Honorable Denise Cote.
The Complaint alleges that during the Class Period, Openwave and the Individual Defendants violated the federal securities laws by publicly issuing false and misleading statements. The Complaint alleges that the Company improperly accounted for grants of stock options which were backdated to provide the Company’s executives with unreported benefits. Openwave has admitted that certain of its option grants were improperly backdated, and, as a result, it is required to correct its previously reported finances by taking additional charges of $182 million.
The Complaint alleges that Defendants Openwave, David C. Peterschmidt, Harold L. Covert, Donald Listwin, and Alan Black violated Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder and the Individual Defendants violated Section 20(a) of the Exchange Act.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from February 26, 2007, the date on which notice was first published in Investors Business Daily. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Plaintiff’s counsel Gerald H. Silk or Salvatore J. Graziano of Bernstein Litowitz Berger & Grossmann LLP (“BLB&G”) at 212-554-1400, or via email at firstname.lastname@example.org or email@example.com, respectively. You can view a copy of the Complaint as filed online at http://www.blbglaw.com/cases/openwave_securities.html. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.
Plaintiff is represented by BLB&G, a firm of 50 attorneys with offices in New York, California, Louisiana and New Jersey, which has extensive expertise in prosecuting investor class actions involving financial fraud. Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders’ rights, employment discrimination and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional individual clients worldwide. Unique among its peers, BLB&G has obtained six of the ten largest and most significant securities recoveries in history, recovering nearly $20 billion on behalf of defrauded investors.
More information about Bernstein Litowitz Berger & Grossmann LLP can be found online at www.blbglaw.com.