SOUTH BURLINGTON, Vt., March 19, 2007 (PRIME NEWSWIRE) -- Johnson & Perkinson ("J&P") hereby announces that it filed a class action lawsuit on behalf of plaintiff and a proposed class of purchasers of securities of Wireless Facilities, Inc. (Nasdaq:WFII) ("WFI" or "Company") during the period March 29, 2001 to March 12, 2007 inclusive (the "Class Period").
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.
The plaintiff is represented by J&P, which has extensive experience in prosecuting investor class actions and actions involving financial fraud. J&P is a litigation boutique dedicated to maximizing shareholders' returns and keeping the lead plaintiffs involved in the litigation. Attorneys Johnson and Perkinson are both former employees of the Securities and Exchange Commission. Members of the firm have prosecuted complex class actions on behalf of plaintiffs in the areas of securities and consumer fraud since 1985. Based in South Burlington, Vermont, the firm has prosecuted leading actions on behalf of defrauded investors against numerous public companies resulting in the recovery of many millions of dollars and has been singled out for its excellence by various courts. The firm is litigating, or recently resolved litigation as lead or co-lead counsel, in securities class actions against Xerox, Priceline, i2, Allaire, and Xchange, and serves on the Executive Committee in the Global Crossing case.
If you bought Wireless Facilities securities between March 29, 2001 and March 12, 2007, you may, not later than sixty (60) days from March 16, 2007, move the court to serve as lead plaintiff. 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 rights or interests with respect to these matters, please contact: Eben F. Duval at Johnson & Perkinson, toll free at 1-888-459-7855, via email at email@jpclasslaw.com, or write to Johnson & Perkinson, 1690 Williston Road, P.O. Box 2305, South Burlington, Vermont 05403.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.