LITTLE ROCK, Ark., April 26, 2002 (PRIMEZONE) -- The Emerson Firm, a securities class action trial law firm, announced today that a class action has been filed in the United States District Court for the Western District of Washington on behalf of purchasers of Metawave Communications Corporation (Nasdaq:MTWV) ("Metawave" or the "Company") common stock during the period between April 25, 2001 and March 14, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be obtained from the Firm.
The complaint charges Metawave and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Metawave provides smart antenna systems. The Company's 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 bought Metawave common stock between April 25, 2001 and March 14, 2002 inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than May 18, 2002. If you are a member of this class, you can join this class action by contacting The Emerson Firm. Any member of the purported class may move the Court to serve as lead plaintiff through The Emerson Firm or other counsel of their choice, or may choose to do nothing and remain an absent class member.
The Emerson Firm has substantial experience representing investors in securities fraud class action lawsuits such as this. In fact, the Firm was recently appointed by a Court in Houston to the Plaintiffs' Counsel Steering Committee prosecuting the Enron retirement plan litigation. The firm has offices in Houston, Texas and Little Rock, Arkansas, but represents investors throughout the nation. Principal of The Emerson Firm, John G. Emerson, is a member of the Washington State Bar. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.