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 jerry@blbglaw.com or
sgraziano@blbglaw.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.
