Los Angeles, CA (PRWEB) March 1, 2007
Yourman Alexander & Parekh LLP (http://www.yaplaw.com), a law firm with extensive experience in prosecuting claims for securities and consumer fraud, announces that a lawsuit seeking class action status has been filed on behalf of shareholders who purchased or otherwise acquired the common stock of Openwave Systems, Inc. (AOpenwave@ or the ACompany@) during the period September 30, 2002 through October 26, 2006, inclusive (the AClass Period@). The first filed lawsuit against Openwave was filed on February 21, 2007 in the United States District Court for the Southern District of New York, case number 07-cv-01309-DLC.
Since a class has not yet been certified, you may not be represented by an attorney in this matter. If you purchased or acquired Openwave securities during the Class Period and either continue to hold those securities or sold them at a loss, the deadline to move for appointment as Lead Plaintiff is April 27, 2007.
A Lead Plaintiff is the person or entity that the Court appoints to take a leadership role in prosecuting the case and to represent the interests of other similarly injured class members. The Court is required to consider the persons or entities with the largest financial losses, who express an interest in taking a leadership role in the litigation, for appointment as Lead Plaintiff.
In order to serve as Lead Plaintiff, you must meet certain legal requirements and must formally apply to the Court to be considered for such an appointment. While your ability to share in any recovery is not affected by your decision of whether or not to seek appointment as a Lead Plaintiff, the Lead Plaintiff is responsible for making important decisions which could affect the overall recovery for class members, including decisions concerning settlement. Further, under 15 U.S.C. '78u-4(a)(4) and/or 15 U.S.C. '77z-1(a)(4), in the event that the case is successfully resolved, the Court may award a Lead Plaintiff compensation for time spent directly related to the representation of the class.
The lawsuit alleges, in part, that the Company and certain of its officers and directors violated federal securities laws by issuing statements, concerning the Company's grants of stock options to Company executives, that were materially false and misleading when made. It is further alleged that these stock option grants were improperly accounted for because they were backdated to provide Company executives with unreported benefits. Openwave has allegedly admitted to improperly backdating certain of its option grants and, thus, must take additional Company charges of $182 million in order to correct its previously reported finances.
If you: (i) wish to discuss these lawsuits, have information concerning these cases, or acquired shares through your Openwave retirement account or 401K; (ii) have questions concerning this Notice or your rights or interests with respect to this litigation; or (iii) have any other potential matters that you would care to discuss, please contact Vahn Alexander or Behram Parekh of Yourman Alexander & Parekh LLP, 3601 Aviation Blvd., Suite 3000, Manhattan Beach, California 90266 by telephone, toll-free at (800) 725-6020. There will be no obligation or cost to you concerning your inquiry. The Firm has not currently filed a complaint in the lawsuit announced in this release. For more information about the firm or cases currently being investigated or prosecuted by the firm, please visit http://www.yaplaw.com.
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