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Feb. 14, 2012 /PRNewswire/ -- Former United States Securities and United States Securities and Exchange Commission attorney
Willie Briscoe, founder of
The Briscoe Law Firm, PLLC, and the securities litigation firm of
Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of Powerwave Technologies, Inc. ("Powerwave" or "PWAV") (NASDAQ: PWAV) related to potential securities violations by the company between
February 1, 2011 and
October 18, 2011 (the "Class Period").
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact
Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
In a recently filed federal class action complaint, Powerwave and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that during the Class Period, defendants misrepresented or failed to disclose the following adverse facts: (i) that Powerwave was experiencing a dramatic decline in demand from customers in its North American markets; (ii) that Powerwave was rapidly burning through its free cash flow as revenues declined and expenses increased; and (iii) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about Powerwave, its operations and earnings.
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 to discuss the announcement. During the conference call, 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, the price of Powerwave common stock declined from
$1.46 per share to
$0.85 per share, or 42%, on extremely heavy trading volume.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.