DENVER, June 12, 2008 (PRIME NEWSWIRE) -- The law firm of Dyer & Berens LLP (www.DyerBerens.com) announced today that it has initiated an investigation concerning losses suffered by certain MRV Communications, Inc. ("MRV" or the "Company") (Nasdaq:MRVC) investors.
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 reportedly relates to stock-option backdating problems and related accounting issues. This report comes after the Company had previously 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%.
If you have information relevant to the investigation, or if you believe you were harmed by the conduct described above, you may contact Jeffrey A. Berens, Esq. at 1-888-300-3362 or via email at jeff@dyerberens.com.
The law firm of Dyer & Berens LLP focuses on complex class action litigation on behalf of injured investors throughout the nation. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.