| Company: | MRV Communications, Inc. |
| Ticker Symbol: | Nasdaq: MRVC |
| Class Period: | Mar-31-03 to Jun-5-08 |
| Date Filed: | Jul-8-08 |
| Lead Plaintiff Deadline: | Sep-6-08 |
| Court: | Central District of California |
| Allegations: | |
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
MRV is a supplier of communications equipment and services to carriers, governments and enterprise customers worldwide. The complaint alleges that, during the Class Period, defendants made false and misleading statements concerning the Company's employee stock option grant practices and financial results. Defendants allegedly caused or allowed MRV to issue statements that failed to disclose or misstated the following: (i) that the Company had problems with its internal controls that prevented it from issuing accurate financial reports and projections; (ii) that because of improperly recorded stock-based compensation expenses the Company's financial results violated GAAP; and (iii) that the Company's public disclosures covering a seven-year period presented an inflated view of MRV's earnings and earnings per share, which would later have to be restated.
On June 5, 2008, MRV announced that it expects to restate its 2002 to 2008 financial statements, and that its previously-issued financial statements, earnings press releases, and similar communications should no longer be relied upon. The restatement relates to the previously undisclosed stock-option backdating problems and related accounting issues. This report came after the Company had earlier announced that a review of its options granting practices had found no evidence that grant dates were designed to occur on dates with lower, more favorable exercise prices. MRV's management now states that it is likely that these previous conclusions were incorrect. Upon disclosure of this news, MRV's share price plummeted approximately 24%.
Plaintiff seeks to recover damages on behalf of all purchasers of MRV common stock during the Class Period.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
