NEW YORK, Feb. 28, 2007 (PRIME NEWSWIRE) -- Roy Jacobs & Associates 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 action names Openwave and several of its officers and directors as defendants.
Until a class is certified in this action, you are not represented by counsel. For further information you may call toll free, 1-888-884-4490, or contact counsel by e-mail by writing to jacobs@jacobsclasslaw.com.
The Complaint alleges violations of the federal securities laws that during the Class Period, the 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.
If you purchased Openwave stock or other securities during the Class Period, you may qualify to serve as Lead Plaintiff on behalf of the Class, which consists of all persons and entities who purchased Openwave stock or other securities from September 30, 2002 to October 26, 2006. You are not required to have sold your Openwave stock or other securities in order to claim damages, or to serve in this role. All motions for appointment as Lead Plaintiff must be filed with the Court by April 27, 2007.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to this matter, please contact Roy L. Jacobs. Mr. Jacobs will personally speak with you at no cost or obligation. You may also join this action by visiting our website at www.jacobsclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca/