Openwave Backdating Claims Fall Short, Again

Law360 (February 14, 2008, 12:00 AM EST) -- A federal judge has granted a motion by executives of Openwave Systems Inc. to dismiss an amended derivative suit over questionable stock options grants but has given shareholders another chance to plug holes in their case.

The shareholders have until Feb. 29 to amend their already amended suit against officers and directors of the telecommunications software provider.

U.S. District Judge Susan Illston of the U.S. District Court for the Northern District of California ruled Tuesday that the shareholders failed in their second attempt to convincingly show a pattern of backdated options grants.

Judge Illston sided with Openwave, the nominal defendant in...

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