Ryan & Maniskas, LLP (
) announces that a class action lawsuit has been filed in United States District Court for the Central District of California on behalf of purchasers of the common stock of Powerwave Technologies, Inc. ("Powerwave" or the "Company") (NASDAQ: PWAV) between February 1, 2011 and October 18, 2011, inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at
The Complaint alleges Powerwave and certain of its officers and directors violated the federal securities laws. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (1) that Powerwave was experiencing a dramatic decline in demand from customers in its North American markets; (2) that the Company was rapidly burning through its free cash flow as revenues declined and expenses increased; and (3) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about Powerwave, its operations and earnings.
On October 18, 2011, Powerwave issued a press release announcing that "it anticipates that revenues for its fiscal third quarter ended October 2, 2011 will be in the range of $75 million to $79 million." Following the issuance of the press release, Powerwave held a conference call, during which, defendants admitted that the Company was performing poorly and burning through a substantial amount of free cash. In response to the announcement, on October 19, 2011, Powerwave common stock fell from $1.46 to $0.85 per share.
If you are a member of the class, you may, no later than April 9, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.