NEW YORK, June 14, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, on behalf of all persons or entities who purchased Openwave Systems, Inc. ("Openwave" or the "Company") common stock (Nasdaq:OPWV) between October 16, 2000 and August 13, 2001, both dates inclusive (the "Class Period"). Merrill Lynch & Co., Inc. ("Merrill Lynch") and Henry Blodget are named as Defendants in the action.
The Complaint alleges that Defendants violated section 10(b) of the Securities and Exchange Act of 1934 and SEC Rule 10b-5 promulgated thereunder by issuing a series of materially false and misleading statements in analyst reports concerning Openwave during the Class Period. The complaint alleges that Defendants violated the federal securities laws by issuing analyst reports regarding Openwave that recommended the purchase of Openwave common stock and which set price targets for Openwave common stock, which were materially false and misleading and lacked any reasonable factual basis. The complaint further alleges that, when issuing their Openwave analyst reports, Defendants failed to disclose significant, material conflicts of interest, which resulted from their use of Blodget's reputation and his ability to issue favorable analyst reports, to obtain investment banking business for Merrill Lynch. Furthermore, in issuing their Openwave analyst reports, in which they recommended the purchase of Openwave stock, Defendants failed to disclose material, non-public, adverse information which they possessed about Openwave. Throughout the Class Period, Defendants maintained "ACCUMULATE/BUY" or "BUY/BUY" recommendations on Openwave in order to obtain and support lucrative financial deals for Merrill Lynch. As a result of Defendants' false and misleading analyst reports, Openwave's common stock traded at artificially inflated levels during the Class Period.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel LLP at www.rabinlaw.com.
If you purchased Openwave common stock during the Class Period described above, you may, no later than June 28, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. If you wish to discuss this action further or have any questions concerning this announcement, or your rights or interests, please contact plaintiff's counsel, Eric Belfi or Sharon Lee, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca