HARTFORD, Conn., Feb. 7, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of all persons who purchased or otherwise acquired the common stock of Alvarion Ltd. ("Alvarion" or the "Company") (Nasdaq:ALVR) between November 3, 2004 through May 12, 2006, inclusive, (the "Class Period").
The Complaint alleges that Alvarion and certain of its officers and directors violated Federal Securities laws. Specifically, defendants made false and misleading statements and material omissions regarding the Company's business and operations. In 2004, Alvarion experienced unprecedented growth in revenues based primarily on the large contract orders of Alvarion's largest customer, Telmex. Throughout the Class Period, defendants portrayed Alvarion's outlook as robust, but concealed the following facts from investors: (i) Telmex was not planning to make additional orders; (ii) there was no basis to believe that Telmex would continue to provide substantial revenues in 2005; and (iii) Alvarion could not sustain its growth rate without the substantial revenue contribution from Telmex purchases.
On May 12, 2006, Alvarion filed their Annual Report on Form 20-F with the SEC which confirmed that the cause of Alvarion's declining growth rate was the lack of purchases from Telmex. On this news, shares of Alvarion fell to $7.92 per share on May 12, 2006. During the Class Period, Alvarion traded as high as $14.22 per share.
If you are a member of the class, you may, no later than April 6, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard, P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard, P.C. toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.