Izard Nobel LLP Announces Class Action Lawsuit Against Powerwave Technologies, Inc.
(firmenpresse) - WEST HARTFORD, CT -- (Marketwire) -- 02/13/12 -- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Powerwave Technologies, Inc. ("Powerwave" or the "Company") (NASDAQ: PWAV) between February 1, 2011 and October 18, 2011, inclusive (the "Class Period").
The Complaint alleges Powerwave and certain of its officers and directors violated the federal securities laws. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that Powerwave was experiencing a dramatic decline in demand from customers in its North American markets; (ii) that the Company was rapidly burning through its free cash flow as revenues declined and expenses increased; and (iii) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about Powerwave, its operations and earnings.
On October 18, 2011, Powerwave issued a press release announcing that "it anticipates that revenues for its fiscal third quarter ended October 2, 2011 will be in the range of $75 million to $79 million." Following the issuance of the press release, Powerwave held a conference call, during which, defendants admitted that the Company was performing poorly and burning through a substantial amount of free cash. In response to the announcement, on October 19, 2011, Powerwave common stock fell from $1.46 to $0.85 per share.
If you are a member of the class, you may, no later than April 9, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: , or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: . For more information about class action cases in general, please visit our website: .
CONTACT:
Nancy A. Kulesa
(800)797-5499
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Datum: 13.02.2012 - 14:08 Uhr
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