MILWAUKEE, Feb. 28, 2007 (PRIME NEWSWIRE) -- Ademi & O'Reilly, LLP announces a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock and other securities of Openwave Systems Inc. ("Openwave" or the "Company") (Nasdaq:OPWV) who purchased during the period from September 30, 2002 to October 26, 2006, inclusive. Although we have not filed a complaint, we are investigating the claims alleged 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 wish to speak to us about your claims, please call Guri Ademi toll-free at 866/264-3995 or e-mail me at gademi@ademilaw.com.
All motions for appointment as Lead Plaintiff must be filed with the Court by April 27, 2007.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca/