BALA CYNWYD, Pa., April 11, 2002 (PRIMEZONE) -- A shareholder sued Metawave Communications Corporation ("Metawave") (Nasdaq:MTWV) claiming that the company misled investors about its business and financial condition, as alleged in a complaint filed by the law firm of Schiffrin & Barroway, LLP.
The complaint was filed in the U.S. District Court for the Western District of Washington ( C-02-638Z ) and seeks damages for violations of federal securities laws on behalf of all investors who bought Metawave Communications Corporation securities between April 25, 2001 and March 14, 2002 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Metawave Communications Corporation and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that Metawave Communications Corporation SpotLight systems provide a solution for wireless network operators facing capacity constraints within their networks. Metawave's systems increase overall network capacity, improve or maintain network quality, reduce network operating costs, and manage network infrastructure.
The complaint alleges that during the Class Period, defendants caused Metawave's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. As a result of this inflation, Metawave was able to complete private placement offerings, raising net proceeds of $30 million during the Class Period. On March 14, 2002, just months after the last offering was completed, Metawave revealed that its FY 2001 results were false when issued. The stock dropped below $1 per share on this news.
If you purchased Metawave Communications Corporation securities between April 25, 2001 and March 14, 2002, you may be a member of the class and have until May 17, 2002 to move the court to become a lead plaintiff. To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca