Powerwave Technologies, Inc. (NASDAQ:PWAV) Investor Class Action Lawsuit Over Alleged Securities Laws Violations

If you purchased shares of Powerwave Technologies, Inc. (NASDAQ:PWAV), you have certain options and for certain NASDAQ:PWAV stockholders are strict and short deadlines running. Deadline: April 9, 2012. NASDAQ:PWAV stockholders should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Powerwave Technologies
Case Name: 
Powerwave Technologies Shareholder Class Action Lawsuit 02/09/2012
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: PWAV
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/09/2012
Class Period Begin: 
02/01/2011
Class Period End: 
10/18/2011
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
04/09/2012
Summary: 

January 28, 2013 (Update) -- Powerwave Technologies, Inc files for bankruptcy, listing debt of $396 million and assets of $213 million.

February 9, 2012 -- An investor in NASDAQ:PWAV shares filed a lawsuit in the U.S. District Court for the Central District of California against Powerwave Technologies, Inc. over alleged Violations of Federal Securities Laws in connection with certain financial statements.

According to the complaint the plaintiff alleges on behalf of purchasers of the common stock of Powerwave Technologies, Inc. (NASDAQ:PWAV) between February 1, 2011 and October 18, 2011, that Powerwave Technologies and certain of its officers and directors violated the Securities Exchange Act of 1934. Specifically, the plaintiff claims that between February 1, 2011 and October 18, 2011 defendants issued materially false and misleading statements regarding Powerwave Technologies’ business and prospects.

Powerwave Technologies, Inc. reported that after its Total Revenue fell from $890million for its Fiscal Year ending on Dec. 28, 2008 to $567million for its Fiscal Year ending on January 3, 2010 its Revenue increased from $567million to $591million in the Fiscal Year ending on January 2, 2011. Despite at overall decrease in Revenue Powerwave Technologies, Inc. reported that its Net Loss of $362millionfor the fiscal year ending on Dec. 28, 2008 turned into a Net Income for its fiscal year ending on Jan. 2, 2011.

On November 8, 2011, Powerwave Technologies, Inc. reported that its three months Revenue fell from $156million for a three months period ending on Oct. 3, 2010 to $77million for the three months period ending on Oct. 2, 2011, further Powerwave Technologies, Inc. reported that its nine months Revenue fell from $415million for a nine months period ending on Oct. 3, 2010 to $384million for its nine months period ending on Oct. 2, 2011.

NASDAQ:PWAV shares fell since its 1:5split on Oct 31, 2011 to as low as $1.71 in January 2012.