SOURCE: Brower Piven, A Professional Corporation

August 20, 2009 14:04 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $50,000 From Investment in MIND C.T.I., Ltd. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the October 13, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - August 20, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of MIND C.T.I., Ltd. ("MIND" or the "Company") (NASDAQ: MNDO) during the period between June 8, 2006 and February 27, 2008, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 13, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that most of MIND's reported cash position was invested in illiquid Auction Rate Securities ("ARSs"); that the company's internal controls for monitoring, accounting and reporting the Company's investment in cash equivalents and\or short-term investments were materially deficient; and that the Company's liquidity and its ability to attract customers, finance current operations, or to pursue strategic acquisitions were adversely affected. According to the complaint, after the Company's liquidity issues were gradually revealed during the Class Period (first, by restating the Company's financial statements for 2006, and ultimately by a disclosure that almost $23 million of the Company's originally reported liquid cash position of approximately $27 million was invested in highly illiquid ARSs) the value of MIND's stock declined.

If you have suffered a net loss for all transactions in MIND C.T.I., Ltd. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    Email Contact