Wireless Facilities Inc. 03/15/2007

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Company Name(s): 
Wireless Facilities
Case Name: 
Wireless Facilities Inc. 03/15/2007
Case Status: 
Lawsuit Filed
Case Status: 
Judgment Issued
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: WFII
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/15/2007
Class Period Begin: 
03/29/2001
Class Period End: 
03/12/2007
Date Settled: 
08/08/2008
Settlement Amount: 
$4,500,000
Deadline to Participate in Settlement: 
12/22/2008
Summary: 

The Complaint alleges that WFI and certain officers and directors violated Sections 10(b), 14(a) and 20(a) of the Securities Exchange Act of 1934 by making false and misleading statements and omissions concerning WFI’s improper and undisclosed practice of backdating options conferred on certain executives, which made it appear that such options were issued upon dates when the market price of WFI stock was lower than actual market price on the actual grant dates, thereby masking the profits the option recipients obtained. Under generally accepted accounting principles, these profits were required to be recognized as an expense in the Company’s financial statements for the appropriate period, but were not. This backdating of options also violated provisions of the Internal Revenue Code relating to deduction of option payments. Thus, the Complaint alleges, the Company’s financial statements in Form 10-K filings for the years 2000, 2001, 2002, 2003, 2004 and 2005 and Form 10-Q quarterly filings were materially false and misleading.