Monday, November 5, 2007
Judge Denise Cote of the Southern District of New York recently denied a motion to dismiss Rule 10b-5 claims against Openwave Systems and a number of its former executives involving an alleged seven-year stock option backdating scheme. The court found that the plaintiffs adequately alleged scienter and loss causation. In re Openwave Systems Sec. Litig., 2007 WL 3224584 (S.D.N.Y. Oct. 31, 2007).