Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) ( http://www.rgrdlaw.com/cases/powerwave/) today announced that a class action has been commenced in the 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”). If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/powerwave/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The complaint charges Powerwave and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Powerwave engages in the design, manufacture, marketing, and sale of wireless solutions for wireless communications networks worldwide. 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: (i) that the Company was experiencing a dramatic decline in demand from customers in its North American markets; (ii) that the Company 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 the Company, 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.Plaintiff seeks to recover damages on behalf of all purchasers of Powerwave common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site ( http://www.rgrdlaw.com) has more information about the firm.