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Powerwave Technologies, Inc. PWAV Securities Stock Fraud
Powerwave designs, manufactures, markets and sells wireless solutions for communications networks worldwide. The Complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding Powerwave's business and prospects. Specifically, the Complaint alleges defendants misrepresented and/or failed to disclose that: the Company was experiencing a substantial decline in demand from customers in its North American markets; the Company was rapidly depleting its free cash flow due to declining revenues and increasing expenses; and, therefore, defendants lacked a reasonable basis for their positive statements about the Company, its operations and future prospects.
On October 18, 2011, Powerwave issued a press release announcing anticipated revenues for quarter ended October 2, 2011 in the range of $75 million to $79 million. In a conference call conducted after the issuance of the press release, defendants admitted that the Company was performing poorly and rapidly depleting free cash. The next day, October 19, 2011, the price of Powerwave common stock declined 42%, from a close of $1.46 per share to a close of $0.85 per share, on extremely 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.
Powerwave Technologies, Inc. PWAV Securities Fraud Legal HelpIf you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Powerwave Technologies, Inc. securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.
If you are a current or former employee of this company and have 401(k) shares, please use this form to register your complaint.
Last updated on Feb-28-12
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