Harris Stratex Networks Inc (NASDAQ; HXTX) Investor Securities Class Action Lawsuit 10/06/2008

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Company Name(s): 
Harris Stratex Networks
Case Name: 
Harris Stratex Networks Inc Shareholder Class Action Lawsuit 10/06/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: HSTX
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/06/2008
Class Period Begin: 
01/29/2007
Class Period End: 
07/30/2008
Court of Filing: 
U.S. District Court for the District of Delaware
Deadline To File for Lead: 
12/05/2008
Date Settled: 
10/11/2011
Settlement Amount: 
$8,900,000
Deadline to Participate in Settlement: 
09/19/2011
Summary: 

October 11, 2011 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys' fees and expenses and dismissed the action with prejudice.

September 16, 2011 - The court held a final settlement hearing.

June 22, 2011 - The court preliminarily approved the settlement.

May 31, 2011 - Parties filed stipulation of settlement.

July 22, 2010 - The court granted in part and denied in part defendants' motions to dismiss.

October 9, 2009 - Defendants filed motions to dismiss.

July 29, 2009 - The lead plaintiffs filed an amended consolidated complaint.

June 5, 2009 - The lead plaintiff was appointed and all cases were consolidated.

December 4, 2008 - A plaintiff who filed complaint 08-CV-00578 against defendant on September 15, 2008 filed a notice of voluntary dismissal without prejudice.

November 14, 2008 - Lead plaintiff motions were filed.

October 6, 2008 - An investor in shares of Harris Stratex Networks Inc (formerly NASDAQ: HSTX now trading on the NASDAQ exchange sheets as AVNW as a result of a company merger and name change to Aviat Networks) filed a lawsuit in the U.S. District Court for the District of Delaware against Harris Stratex Networks Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff charges Harris Stratex Networks Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934 and Securities Act of 1933. The complaint alleges that between January 29, 2007 and July 30, 2008 defendants issued materially false and misleading statements regarding Harris Stratex Networks Inc’s business and financial results.

Specifically, the complaint alleges that defendants issued materially false and misleading statements about its financial condition prior to and following its formation in early 2007 through the date of the merger of Stratex Networks Inc and the Harris Microwave Communications Division. On July 30, 2008, Harris Stratex Networks Inc announced that it had discovered accounting errors which rendered its previously issued financial statements to be incorrect. According to the announcement, Harris Stratex Networks Inc was to restate earnings reports from 2005 through the present. Harris Stratex Networks Inc reported these accounting errors which resulted in cutting their previously reported pre-tax income by $18 million to $25 million. As a result of the restatement, Harris Stratex Networks Inc announced that its prior financial statements for the first three quarters of fiscal 2008 and the fiscal years 2005 through 2007 should no longer be relied upon. Harris Stratex Networks Inc’s (NASDAQ: HSTX) share price fell in reaction to the announcement, falling from $11.24 to $7.35 per share — a 34.61% decline in value.