In Re Openwave Systems Securities Litigation

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• rejecting Rule 10b-5 claim when the “Plaintiff claims that [the defendants] knew the financial statements to be untrue at the time they signed them”
• 4.5% drop in market price of shares in response to announcement of SEC investigation into options backdating was sufficient to plead loss causation
• “Plaintiff merely alleges that Covert has served as Openwave’s CFO and executive vice-president since October 2005, and before that as a director and chairman of the audit committee ... and that he signed various financial statements. These allegations are insufficient to infer scienter.”

Source: CourtListener parenthetical corpus (CC0).