|Company:||Powerwave Technologies, Inc.|
|Class Period:||Feb-1-11 to Oct-18-11|
|Lead Plaintiff Deadline:||Apr-27-12|
|Court:||Central District of California|
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.
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Last updated on Feb-28-12