Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Monday, November 5, 2007

Back Dating Class Action Against Openwave Allowed to Proceed

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).

http://lawprofessors.typepad.com/securities/2007/11/back-dating-cla.html

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