Feb. 10, 2012
/PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Powerwave Technologies, Inc. ("Powerwave" or the "Company") (Nasdaq: PWAV).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company was experiencing a severe decline in demand from North American customers; and (2) Powerwave was rapidly depleting its free cash flow as revenues tumbled and expenses soared.
October 18, 2011
, Powerwave issued a press release announcing that the Company "anticipates that revenues for its fiscal third quarter ended
October 2, 2011
will be in the range of
$75 million to $79 million
." General expectations had been
. Following the issuance of the press release, Powerwave held a conference call to discuss the announcement. During the conference call, the Company admitted that it was performing poorly and running out of free cash. In response to the announcement, on
October 19, 2011
, the price of Powerwave common stock declined from
per share to
.85 - 42% drop - on extremely heavy trading volume.
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If you purchased Powerwave securities between
February 1, 2011
October 18, 2011
and would like to discuss your legal rights, visit
. You can also contact us by calling
toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
. Faruqi & Faruqi, LLP also encourages anyone with information regarding Powerwave's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential matter.
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