NEW YORK, July 11, 2008 (LAWFUEL) — The Brualdi Law Firm P.C.
announces that a lawsuit has commenced in the United States District
Court for the Central District of California on behalf of purchasers of
MRV Communications, Inc. (“MRV” or “the Company”) (Nasdaq:MRVC) common
stock during the period between March 31, 2003 through June 5, 2008
(the “Class Period”).
No class has yet been certified in the above action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased MRV common stock during the period described above, you
have certain rights, and have until no later than 60 days from July 8,
2008 in which to move for Lead Plaintiff status. 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.
To be a member of the class you need not take any action at this time,
and you may retain counsel of your choice. If you wish to discuss this
action or have any questions concerning this Notice or your rights or
interests with respect to these matters, please contact Sue Lee at The
Brualdi Law Firm, 29 Broadway, Suite 2400, New York, New York 10006, by
telephone toll free at (877)-495-1187 or (212) 952-0602, by email to
[email protected] or visit our website at
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. Upon this
news, the Company’s share price plummeted approximately 24%.