Openwave Options Backdating Case To Move Forward

Law360, New York (November 2, 2007, 12:00 AM EDT) -- Although she threw out part of the case, a judge has said that a shareholder lawsuit alleging telecommunication software provider Openwave Systems Inc. engaged in illegal backdating of stock options can move forward.

In a ruling Wednesday, Judge Denise Cote of the U.S. District Court for the Southern District of New York dismissed all but the control person claims against former president and CEO David C. Peterschmidt, and current CFO and Executive Vice President Harold L. Covert, Jr.

Chad Johnson, a lawyer with Bernstein Litowitz Berger...
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