| Company: | Sierra Wireless, Inc. |
| Ticker Symbol: | NASD: SWIR |
| Class Period: | January 28, 2004 to January 26, 2005 |
| Date Filed: | Feb-03-05 |
| Lead Plaintiff Deadline: | Apr-04-05 |
| Court: | Southern District, NY |
| Allegations: |
A class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the common stock of the Sierra Wireless, Inc. (NASDAQ: SWIR) ("Sierra Wireless" or the "Company") from January 28, 2004 through January 26, 2005, inclusive (the "Class Period").
The complaint charges Sierra Wireless and certain of its officers and directors with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the introduction of the Sierra Wireless' Voq-branded professional phones was a complete and utter disaster because it harmed the Company's relationship with its biggest customer, palmOne and ultimately lead to palmOne's decision to stop purchasing embedded modules from Sierra Wireless; (2) that Sierra Wireless' decision to invest in Voq development at the expense of a UMTS card lead to a serious reduction in revenues; (3) that Sierra Wireless' dependence on palmOne revenue was significantly greater than had been reported; (4) that Sierra Wireless was facing increasing competition in the PC Card market due to its out-dated technology; and (5) that due to the Company's out-dated PC Cards, many of Sierra's major customers had excess inventory of its products.
On January 26, 2005, after the market closed for regular trading, Sierra issued a press release announcing its financial results for the fourth quarter of 2004 and provided guidance for the first quarter of 2005. Specifically, Sierra announced that its revenue for the fourth quarter of 2004 was well below the previous guidance that it had given to investors and further announced that it expected a steep decline in its revenue going forward. News of this shocked the market. Shares of Sierra Wireless, on January 27, 2005, fell $5.53 per share, or 38.14 percent, to close at $8.97 per share on unusually heavy trading volume.
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.
The complaint charges Sierra Wireless and certain of its officers and directors with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the introduction of the Sierra Wireless' Voq-branded professional phones was a complete and utter disaster because it harmed the Company's relationship with its biggest customer, palmOne and ultimately lead to palmOne's decision to stop purchasing embedded modules from Sierra Wireless; (2) that Sierra Wireless' decision to invest in Voq development at the expense of a UMTS card lead to a serious reduction in revenues; (3) that Sierra Wireless' dependence on palmOne revenue was significantly greater than had been reported; (4) that Sierra Wireless was facing increasing competition in the PC Card market due to its out-dated technology; and (5) that due to the Company's out-dated PC Cards, many of Sierra's major customers had excess inventory of its products.
On January 26, 2005, after the market closed for regular trading, Sierra issued a press release announcing its financial results for the fourth quarter of 2004 and provided guidance for the first quarter of 2005. Specifically, Sierra announced that its revenue for the fourth quarter of 2004 was well below the previous guidance that it had given to investors and further announced that it expected a steep decline in its revenue going forward. News of this shocked the market. Shares of Sierra Wireless, on January 27, 2005, fell $5.53 per share, or 38.14 percent, to close at $8.97 per share on unusually heavy trading volume.
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.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
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