Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of investors who purchased Powerwave Technologies, Inc. (“Powerwave” or the “Company”) (Nasdaq: PWAV) stock between February 1, 2011 and October 18, 2011 (the “Class Period”).
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The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (a) that the Company was experiencing a dramatic decline in demand from customers in its North American markets; (b) that the Company was rapidly burning through its free cash flow as revenues declined and expenses increased; and (c) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its operations and earnings.
In an October 18, 2011 conference call, defendants acknowledged 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 fell 42 percent to close at $0.85 per share.If you suffered a loss in Powerwave, you have until April 9, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/powerwave-technologies-pwav. Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.