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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!