This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Faruqi & Faruqi, LLP Announces Investigation Of Powerwave Technologies, Inc.

NEW YORK, 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).   

(Logo: http://photos.prnewswire.com/prnh/20120119/MM38856LOGO )

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.

On 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 $168.4 million. 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 $1.46 per share to $0.85 - 42% drop - on extremely heavy trading volume.

Request more information now by clicking here:  www.faruqilaw.com/PWAV

Take Action

If you purchased Powerwave securities between February 1, 2011 and October 18, 2011 and would like to discuss your legal rights, visit www.faruqilaw.com/PWAV.  You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com.  Faruqi & Faruqi, LLP also encourages anyone with information regarding Powerwave's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising.  The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com).  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.

FARUQI & FARUQI, LLP369 Lexington Avenue, 10th Floor New York, NY 10017Attn:  Richard Gonnello, Esq. rgonnello@faruqilaw.com Francis McConville, Esq. fmcconville@faruqilaw.comTelephone: (877) 247-4292 or (212) 983-9330

SOURCE Faruqi & Faruqi, LLP

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs