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MRV Communications, Inc. Summary: According to a law firm press release, a class action has been commenced on behalf of purchasers of MRV Communications, Inc. common stock during the period between March 31, 2003 and June 5, 2008 (the "Class Period"). The complaint charges MRV and certain of its current and former officers with violations of the Securities Exchange Act of 1934.
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%.
INDUSTRY CLASSIFICATION:
SIC Code: 3674
Sector: Technology
Industry: Semiconductors
| COMPANY/ISSUER NAME: | MRV Communications, Inc. |
| COMPANY/ISSUER TICKER: | MRVC |
| COMPANY WEBSITE: | http://www.mrv.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| ZVI Anits, et al. v. MRV Communications, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint For Violations Of The Federal Securities Laws | |||
| Type: Complaint | Date on the document: 6/8/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 7/11/2008 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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