Robbins Geller Rudman & Dowd LLP today announced that a class action
has been commenced in the United States District Court for the Central
District of California on behalf of purchasers of the common stock of
Powerwave Technologies, Inc. between February 1, 2011 and October 18,
2011, inclusive.
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of
Robbins Geller at 800/449-4900 or 619/231-1058. If you are a member of
this class, you can view a copy of the complaint as filed or join this
class action online at http://www.rgrdlaw.com/cases/powerwave/. Any
member of the putative 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.
The complaint charges Powerwave and certain of its officers and
directors with violations of the Securities Exchange Act of 1934.
Powerwave engages in the design, manufacture, marketing, and sale of
wireless solutions for wireless communications networks worldwide.
The complaint alleges that, during the Class Period, defendants issued
materially false and misleading statements regarding the Company’s
business and prospects. Specifically, defendants misrepresented and/or
failed to disclose the following adverse facts: (i) that the Company 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 the Company, its operations and
earnings.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San
Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and
Atlanta, is active in major litigations pending in federal and state
courts throughout the United States and has taken a leading role in many
important actions on behalf of defrauded investors, consumers, and
companies, as well as victims of human rights violations.
http://www.rgrdlaw.com
No comments:
Post a Comment