Cauley Geller Announces Class Action Lawsuit Against Wave Systems, Inc. On
Behalf of Investors
NEW YORK, Feb. 11 /PRNewswire/ -- The Law Firm of Cauley Geller Bowman &
Rudman, LLP announced today that a class action lawsuit has been filed in the
United States District Court for the District of Massachusetts on behalf of
purchasers of Wave Systems, Inc. ("Wave Systems" or the "Company") common stock
during the period between July 31, 2003 and December 18, 2003, inclusive (the
"Class Period"). A copy of the complaint filed in this action is available from
the Court, or can be viewed on the firm's website at
http://www.cauleygeller.com/show_case.asp?ccode=243&pcode=10&pp=4 .
The complaint charges Wave Systems, Steven Sprague and Gerard T. Feeneywith
violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934,
and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges
that throughout the Class Period, the defendants issued a series of material
misrepresentations to the market concerning the Company's business agreements
with Intel Corporation ("Intel") and IBM. In truth and in fact, however,
unbeknownst to investors, the defendants' statements during the Class Period
were materially false and misleading because they failed to disclose and/or
misrepresented the following adverse facts, among others: (1) that Intel would
not be entering into a revenue producing licensing agreement with the Company;
(2) that the Intel contract did not require Intel to purchase any software; and
(3) that IBM was not embedding Wave Systems' software into IBM computers; and
(4) that the IBM transaction would provide no direct revenue to the Company.
On December 18, 2003, Wave Systems reported that the SEC had commenceda formal
investigation into certain matters relating to Wave Systems. The SEC's
investigative order, received by Wave Systems on December 17, 2003, related to
certain public statements made by Wave Systems during and around August 2003, as
well as certain trading in Wave Systems' securities during such time. News of
this shocked the financial market. Shares of Wave Systems fell 17.13%, or $0.31
per share, to close at $1.50 per share on extremely high volume on December 19,
2003.
If you bought Wave Systems common stock between July 31, 2003 and December 18,
2003, inclusive, and you wish to serve as lead plaintiff, you must move the
Court no later than April 5, 2004. If you are a member of this class, you can
join this class action online at
http://www.cauleygeller.com/template8.asp?pcode=6&pp=1 . Any member of the
purported class may move the Court to serve as lead plaintiff through Cauley
Geller or other counsel of their choice, or may choose to do nothing and remain
an absent class member.
Cauley Geller is a national law firm that represents investors and consumers in
class action and corporate governance litigation. It is one of the country's
premiere firms in the area of securities fraud, with in-house finance and
forensic accountingspecialists and extensive trial experience. Since its
founding, Cauley Geller has recovered in excess of two billion dollars on behalf
of aggrieved shareholders. The firm maintains offices in Boca Raton, Little
Rock and New York.
If you have any questions about how you may be able to recover for your losses,
or if you would like to consider serving as one of the lead plaintiffs in this
lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's
website at http://www.cauleygeller.com/.
Contact: CAULEY GELLER BOWMAN & RUDMAN, LLP Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq.
Client Relations Department:
Jackie Addison, Heather Gann or Chandra West
P.O. Box 25438
Little Rock, AR 72221-5438
Toll Free: 1-888-551-9944
Fax: 1-501-312-8505
E-mail: DATASOURCE: Cauley Geller Bowman & Rudman, LLP CONTACT: Samuel H. Rudman, Esq., or David A. Rosenfeld, Esq., both of Cauley Geller Bowman & Rudman, LLP, +1-631-367-7100 Web site: http://www.cauleygeller.com/ http://www.cauleygeller.com/template8.asp?pcode=6&pp=1 http://www.cauleygeller.com/show_case.asp?ccode=243&pcode=10&pp=4
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