| Company: | Powerwave Technologies, Inc. |
| Ticker Symbol: | NASD: PWAV |
| Class Period: | May 2, 2005 to October 9, 2006 |
| Date Filed: | Feb-01-07 |
| Lead Plaintiff Deadline: | Mar-30-07 |
| Court: | Central District, CA |
| Allegations: |
A class action lawsuit has been filed in the United States District Court for the Central District of California, Southern Division, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of Powerwave Technologies, Inc. ("Powerwave" or the "Company'') (NASDAQ: PWAV) between May 2, 2005 and October 9, 2006 (the "Class Period").
Powerwave and certain of its officers and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. On October 9, 2006, investors learned that Powerwave's 2006 third quarter results would be only $155 million, significantly lower than the $230-$250 million previously forecast. This sudden and shocking disclosure, in the face of repeated Company reports of "record" setting growth and profitability, had an immediate impact on the price of Powerwave stock, which declined almost 20% in the single trading day -- marking a decline of almost $10 per share from the Class Period high reached only several months earlier.
The Complaint alleges that Powerwave materially misrepresented and failed to disclose numerous conditions that adversely affected the Company, permitting defendants to: (1) deceive shareholders concerning the business, operations, management and the intrinsic value of Powerwave common stock; (2) artificially inflate the price of the Company's shares, ultimately purchased by misled shareholders; (3) register for sale with the SEC millions of shares of stock that were sold to the public or used to acquire assets of other unwitting companies; (4) make it possible for Company insiders to sell millions of dollars of their privately held shares while in possession of material adverse non-public information.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Powerwave and certain of its officers and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. On October 9, 2006, investors learned that Powerwave's 2006 third quarter results would be only $155 million, significantly lower than the $230-$250 million previously forecast. This sudden and shocking disclosure, in the face of repeated Company reports of "record" setting growth and profitability, had an immediate impact on the price of Powerwave stock, which declined almost 20% in the single trading day -- marking a decline of almost $10 per share from the Class Period high reached only several months earlier.
The Complaint alleges that Powerwave materially misrepresented and failed to disclose numerous conditions that adversely affected the Company, permitting defendants to: (1) deceive shareholders concerning the business, operations, management and the intrinsic value of Powerwave common stock; (2) artificially inflate the price of the Company's shares, ultimately purchased by misled shareholders; (3) register for sale with the SEC millions of shares of stock that were sold to the public or used to acquire assets of other unwitting companies; (4) make it possible for Company insiders to sell millions of dollars of their privately held shares while in possession of material adverse non-public information.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
