| Company: | Wave Systems Corporation |
| Ticker Symbol: | NASD: WAVX |
| Class Period: | July 31, 2003 through February 2, 2004 |
| Court: | District, MA |
| Date Filed: | Feb-20-04 |
| Lead Plaintiff Deadline: | Apr-05-04 |
| Allegations: |
A Federal Securities fraud class action has been filed on behalf of persons or entities who purchased or otherwise acquired the securities of Wave Systems Corporation (Nasdaq:WAVX) ("Wave" or the
"Company") between July 31, 2003 through February 2, 2004, inclusive (the "Class Period").
The action, entitled Schulman v. Wave Systems Corp., et al, Case No. not yet assigned, is pending in the United States District Court for the District of Massachusetts and names as defendants, the Company, its Chief Executive Officer, Steven Sprague, and its Chief Operating Officer, Gerard T. Feeney.
The complaint charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities. In particular, it is alleged that, during the Class Period, defendants issued materially false and misleading statements to the investing public to inflate the Company's shares by associating the Company "publicly" with two of the World's biggest technology companies -- Intel and IBM. With the "appearance" of two new separate revenue streams, defendants sought to, and did, raise monies via a private placement for the Company, and certain of the Company's officers and directors pocketed over $1.5 million in insider trading proceeds.
On December 18, 2003, the Company issued a press release in which it announced that the SEC was investigating certain public statements made by Wave in August 2003, as well as certain insider selling that occurred around the same time. Defendants' public statements during the Class Period failed to disclose that (1) the Company's IBM announcement dated August 4, 2003 would result in no direct revenue to the Company; (2) the Company's Intel announcement dated July 31, 2003 was actually immaterial and would not generate any revenue to the Company until 2004, if ever; (3) the so-called Intel contract did not require Intel to purchase even one piece of software; and (4) the number of Trusted Platform Module-enabled motherboards shipped over the course of 2003 and 2004 would be insignificant.
The complaint further alleges that, as a result of the defendants' false statements, Wave stock traded at inflated levels during the Class Period, increasing to as high as $4.53 per share on August 5, 2003, whereby the Company and the Company's top officers and directors sold more than $8.6 million worth of their own shares.
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.
The action, entitled Schulman v. Wave Systems Corp., et al, Case No. not yet assigned, is pending in the United States District Court for the District of Massachusetts and names as defendants, the Company, its Chief Executive Officer, Steven Sprague, and its Chief Operating Officer, Gerard T. Feeney.
The complaint charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities. In particular, it is alleged that, during the Class Period, defendants issued materially false and misleading statements to the investing public to inflate the Company's shares by associating the Company "publicly" with two of the World's biggest technology companies -- Intel and IBM. With the "appearance" of two new separate revenue streams, defendants sought to, and did, raise monies via a private placement for the Company, and certain of the Company's officers and directors pocketed over $1.5 million in insider trading proceeds.
On December 18, 2003, the Company issued a press release in which it announced that the SEC was investigating certain public statements made by Wave in August 2003, as well as certain insider selling that occurred around the same time. Defendants' public statements during the Class Period failed to disclose that (1) the Company's IBM announcement dated August 4, 2003 would result in no direct revenue to the Company; (2) the Company's Intel announcement dated July 31, 2003 was actually immaterial and would not generate any revenue to the Company until 2004, if ever; (3) the so-called Intel contract did not require Intel to purchase even one piece of software; and (4) the number of Trusted Platform Module-enabled motherboards shipped over the course of 2003 and 2004 would be insignificant.
The complaint further alleges that, as a result of the defendants' false statements, Wave stock traded at inflated levels during the Class Period, increasing to as high as $4.53 per share on August 5, 2003, whereby the Company and the Company's top officers and directors sold more than $8.6 million worth of their own shares.
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.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
