PHILADELPHIA, Feb. 23, 2004 (PRIMEZONE) -- Law Offices Bernard M. Gross, P.C. (http://www.bernardmgross.com) announces that a class action lawsuit, numbered 04cv 30037, was commenced in the United States District Court for the District of Massachusetts, Springfield Division, against defendants Wave Systems Corp. (Nasdaq:WAVX), Steven K. Sprague (President & CEO), Gerald T. Feeney (COO) and John E. Bagalay, Jr. PhD (Chairman of the Board) on behalf of all persons who purchased the securities of Wave Systems Corporation ("Wave Systems" or the "Company") between July 18, 2003 and December 18, 2003 (the "Class Period"), seeking remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). The case is presiding before the Honorable Michael A. Ponsor.
The Complaint alleges that defendants violated the Exchange Act by issuing material misrepresentations concerning its reported financial results between July 31, 2003 and December 18, 2003. 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 commenced a 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. As a result of this announcement, Wave Systems common stock 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 wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross of Law Offices Bernard M. Gross at 866-561-3600(toll-free) or via e-mail at susang@bernardmgross.com. If you are a member of this class, you can view a copy of the complaint as filed at http://www.bernardmgross.com. 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.
If you bought the common stock of Wave Systems Corporation between July 31, 2003 and December 18, 2003 and sustained damages, you may, no later than April 5, 2004, file a motion to be appointed lead plaintiff, if you so choose. Law Offices Bernard M. Gross, P.C. which has significant experience and expertise in prosecuting class actions and has recently filed cases in the following:
Lead Plaintiff
Company Symbol Class Period Filing Deadline
Biopure Corp. BPUR -- Nasdaq 3/17/03-12/24/03 03/01/2004
Ibis Tech. Corp. IBIS -- Nasdaq 10/02/03-12/12/03 03/05/2004
Interpool, Inc. IPLI.PK -- Pink
Sheets 3/27/01-12/29/03 04/05/2004