DALLAS, 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 firstname.lastname@example.org, or 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. 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 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV