NEW YORK, Sept. 19, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Southern District of California on behalf of purchasers of NextWave Wireless, Inc. ("NextWave" or "the Company") (Nasdaq:WAVE) common stock during the period between March 30, 2007 and August 7, 2008 (the "Class Period") for violations of federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased NextWave common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by November 17, 2008. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint charges that defendants issued materially false statements by failing to disclose the following facts: (i) NextWave did not have adequate sources of liquidity to continue operations as it executed its growth strategy; (ii) defendants had no reasonable basis to make favorable statements that the Company's WiMAX semiconductor products would be available for commercial sale in the first half of 2008; (iii) NextWave's growth and acquisition strategy was not financially successful and did not provide the basis for continued growth because it was straining NextWave's fragile liquidity position and NextWave did not have the financial resources to continue its world-wide operations through the end of 2008; and (iv) NextWave failed to timely disclose that it had invested all of its marketable securities in extremely high-risk and illiquid auction rate securities.