NEWARK, N.J., Feb. 10, 2004 (PRIMEZONE) -- A class action lawsuit was filed by Zimmerman, Levi & Korsinsky, LLP in the United States District Court for the Southern District of New Jersey on behalf of all purchasers of the securities of Wave Systems Corp. (Nasdaq:WAVX) ("Wave" or the "Company") between July 31, 2003 and December 18, 2003 (the "class period").
The complaint alleges that Wave, and individual defendants Steven Sprague, and Gerard T. Feeney, violated the federal securities laws (sections 10(b) and 20(a) of the Securities Exchange Act of 1934) by issuing materially false and misleading public statements regarding certain agreements with Intel, Corp. ("Intel") and International Business Machines, Corp. ("IBM"). Specifically, defendants' misleading statements created in the marketplace the false and misleading impression that the agreement with Intel would result in material revenues to the Company, that Wave's "partnership" with IBM meant that IBM agreed to embed Wave's software inside certain IBM notebook and desktop computers and that the agreement with IBM would result in direct, material revenues to the Company when in fact any such revenues were likely immaterial. As a result of the false and misleading statements made by the defendants, Wave's share price traded as high as $5.24 a share on August 5, 2003 from a low of $0.84 a share on July 30, 2003. Defendants sold over $8 million of Wave stock while the share price was artificially inflated as a result of their false and misleading statements.
If you are a member of the class described above, you may, not later than 60 days from the date of the first-issued notice move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. You may retain Zimmerman, Levi & Korsinsky, LLP, or other counsel of your choice, to serve as your counsel in this action.
For more information or to obtain a copy of the complaint and other information in order to join the lawsuit via E-mail or U.S. Mail, please contact:
Eduard Korsinsky, Esq. Zimmerman, Levi & Korsinsky, LLP 39 Broadway, Suite 1440, New York, N.Y. 10006 Tel. (212) 363-7500 Toll Free: (800) 835-4950 Email: ek@zlklaw.com