Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Central District of California on behalf of all purchasers of the common stock of Powerwave Technologies, Inc. (“Powerwave” or the “Company”) (NasdaqGS: PWAV) between February 1, 2011 and October 18, 2011 (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 (the “Complaint”). If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Scott J. Farrell, Esquire of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/powerwave-technologies-inc-pwav Powerwave designs, manufactures, markets and sells wireless solutions for communications networks worldwide. The Complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding Powerwave’s business and prospects. Specifically, the Complaint alleges defendants misrepresented and/or failed to disclose that: the Company was experiencing a substantial decline in demand from customers in its North American markets; the Company was rapidly depleting its free cash flow due to declining revenues and increasing expenses; and, therefore, defendants lacked a reasonable basis for their positive statements about the Company, its operations and future prospects. On October 18, 2011, Powerwave issued a press release announcing anticipated revenues for quarter ended October 2, 2011 in the range of $75 million to $79 million. In a conference call conducted after the issuance of the press release, defendants admitted that the Company was performing poorly and rapidly depleting free cash. The next day, October 19, 2011, the price of Powerwave common stock declined 42%, from a close of $1.46 per share to a close of $0.85 per share, on extremely heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than April 9, 2012. A lead plaintiff is a representative party acting 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.