BALTIMORE, Aug. 13, 2008 (PRIME NEWSWIRE) -- Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of MRV Communications, Inc. ("MRV" or the "Company") (Nasdaq:MRVC). Though an earlier complaint alleges a class period of July 24, 2003 through June 5, 2008, other complaints have extended that class period to include March 31, 2003 through June 5, 2008, inclusive (the "Class Period").
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 8, 2008 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/332-0030) to answer questions you may have regarding the lead plaintiff process.
The complaint charges defendants with violations under the Securities Exchange Act of 1934 by withholding material facts from the investing public. The complaint alleges that during the Class Period, defendants made false and misleading statements concerning the Company's employee stock option grant practices (through backdating) and financial results including: that the Company had problems with its internal controls that prevented it from issuing accurate financial reports and projections; that due to improperly recorded stock-based compensation expenses the Company's financial results violated GAAP; and that the Company's public disclosures covering a seven-year period presented an inflated view of MRV's earnings and earnings per share. The complaint also alleges that on June 5, 2008, MRV announced an expected restatement of its 2002 to 2008 financial statements and that its previously-issued financial statements, earnings press releases, and similar communications should no longer be relied upon, thus causing the value of Company shares to decline.
If you have suffered a net loss for all transactions in MRV Communications, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-332-0030, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need not take any action at this time to be a member of the class.