The struggles continued for Openwave Systems Inc. as shares of the company sank on news that it is investigating whether executives had “managed” financial results.
The Redwood City, Calif.-based developer delayed its third-quarter financial report pending an internal investigation, citing allegations by an employee that members of senior management may have managed accounting reports. “The company and its board of directors take these matters very seriously and accordingly the company’s management is cooperating fully,” said interim CEO Bruce Coleman.
Openwave’s stock has crumbled from a 52-week high of $10.58 as the company has struggled with decreasing revenues from its licensing and services businesses. Openwave shares fell 17 cents, or nearly 8%, to $1.97 per share following the announcement.
Openwave shares fall on investigation news
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