Openwave Systems Inc (NASDAQ: OPWV) Investor Securities Class Action Lawsuit 02/21/2007

If you purchased shares of Openwave Systems Inc (NASDAQ: OPWV), you might have certain options and should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Openwave Systems
Case Name: 
Openwave Systems Shareholder Class Action Lawsuit 02/21/2007
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: OPWV
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/21/2007
Class Period Begin: 
09/30/2002
Class Period End: 
10/26/2006
Court of Filing: 
U.S. District Court for the Southern District of New York
Date Settled: 
06/09/2010
Settlement Amount: 
$20,000,000
Deadline to Participate in Settlement: 
03/25/2009
Summary: 

June 9, 2010 - The court ordered the authorization of the distribution of the net settlement fund.

February 27, 2009 - The court approved the settlement.

November 5, 2008 - The court prelimimarily approved the settlement.

October 27, 2008 - Parties filed a stipulation of settlement.

October 31, 2007 - The court granted in part and denied in part the defendants' motions to dismiss.

August 10, 2007 - The defendants filed motions to dismiss.

August 3, 2007 - The lead plaintiff filed a corrected amended consolidated complaint.

June 29, 2007 - The lead plaintiff filed an amended consolidated complaint.

May 29, 2007 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

April 27, 2007 - Lead plaintiff motions were filed.

February 21, 2007 - An investor in shares of Openwave Systems Inc (NASDAQ: OPWV) filed a lawsuit in the U.S. District Court for the Southern District of New York against Openwave Systems Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between September 30, 2002 and October 26, 2006.

The complaint charges Openwave Systems Inc and certain of its officers with violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the United States Securities and Exchange Commission, and Section 20(a) of the Exchange Act.

Specifically, the complaint alleges that in 2000 and 2001, the senior executives of Openwave Systems Inc caused the company to grant to its executives and certain other employees of the company stock options that improperly had exercise prices below the market price of Openwave Systems Inc (NASDAQ: OPWV) stock on the actual date of grant. The company and the individual defendants failed to disclose this fact, and instead issued numerous false and misleading public statements misrepresenting the company’s financial statements, including its accumulated deficit, in violation of generally accepted accounting principles. When these improper grants and the improper accounting concealing them were finally revealed to the public, the price of Openwave Systems Inc (NASDAQ: OPWV) stock declined dramatically, causing substantial damages to investors.

The complaint further alleges that on or around December 1, 2006, Openwave Systems Inc issued a press release and filed its Form 10-K for the fiscal year ended June 30, 2006 disclosing, for the first time, that its previously reported financial results were inaccurate and were being restated. Specifically, Openwave Systems Inc increased its accumulated deficit by $182 million to correct for option expenses that were improperly under-reported between 2001 and 2005.