LOS ANGELES, Feb. 28, 2007 (PRIME NEWSWIRE) -- Glancy Binkow & Goldberg LLP -- representing shareholders of Powerwave Technologies Inc. -- announces 33 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased the common stock of Powerwave Technologies Inc. ("Powerwave" or the "Company'') (Nasdaq:PWAV) between May 2, 2005 and October 9, 2006, inclusive (the "Class Period"), may move the Court not later than April 2, 2007, to serve as lead plaintiff; however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Powerwave and certain of the Company's executive officers and directors with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning Powerwave's operations and financial performance caused the Company's stock price to become artificially inflated, inflicting damages on investors. Powerwave supplies wireless solutions for wireless communications networks worldwide. The Complaint alleges that during the Class Period defendants made materially false and misleading statements to the investing public and misrepresented or failed to disclose adverse facts, including: (i) problems with the implementation of the Company's Enterprise Resource Planning system; (ii) that defendants had overstated Powerwave's profitability and understated the Company's expenses and acquisition and integration costs; (iii) that the Company did not have an adequate system of internal operational or financial controls; and (iv) as a result of the foregoing problems, among other things, defendants lacked any reasonable basis to claim that the Company was operating according to plan or that Powerwave could achieve the guidance issued and/or endorsed by defendants. As a result, defendants' Class Period statements concerning Powerwave's operations, financial performance, and internal controls were materially false and misleading.
On October 9, 2006, Powerwave issued a press release announcing preliminary financial results for third-quarter 2006. The press release announced that the Company expected revenue for the quarter to be in the range of $155-$160 million - approximately $50 million below the Company's previous revenue guidance for the quarter. This news shocked the market, causing shares of Powerwave to plummet that same day by 17.7 %, or $1.38 per share, to close on October 9, 2006 at $6.41 per share - nearly $9.00 below the Class Period high of $15.33, which was before disclosure of the Company's problems.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than April 2, 2007, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.