San Diego, CA -- (SBWIRE) -- 02/21/2012 -- The Shareholders Foundation announces that certain directors and officers of Powerwave Technologies face an investigation over possible breaches of fiduciary duties in connection with certain financial statements.
Investors who are current long term investors in Powerwave Technologies, Inc. (NASDAQ:PWAV)
shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
A lawsuit was filed the U.S. District Court for the Central District of California against Powever Technologies over alleged Securities Laws Violations. That lawsuit was filed for investors who purchased only PWAV shares only between February 1, 2011 and October 18, 2011. However, the investigation on behalf of current stockholders of Powerwave Technologies, Inc. (NASDAQ:PWAV) shares does not only include investors who purchased within the stated time frame but also those who purchased PWAV shares (also) prior to the time frame and currently hold their PWAV shares. It concerns whether certain Powerwave Technologies, Inc. (NASDAQ:PWAV) officers and directors breached their fiduciary duties and are liable in connection with the allegations made in the lawsuit against Powerwave Technologies. Specifically, the plaintiff in that lawsuit claims that between February 1, 2011 and October 18, 2011 Powerwave Technologies, Inc. issued materially false and misleading statements regarding Powerwave Technologies’ business and prospects.
On November 8, 2011, Powerwave Technologies, Inc. reported that its three months Revenue fell from $156million for a three months period ending on Oct. 3, 2010 to $77million for the three months period ending on Oct. 2, 2011, further Powerwave Technologies, Inc. reported that its nine months Revenue fell from $415million for a nine months period ending on Oct. 3, 2010 to $384million for its nine months period ending on Oct. 2, 2011.
NASDAQ:PWAV shares fell since its 1:5split on Oct 31, 2011 to as low as $1.71 in January 2012.
Those who purchased shares of Powerwave Technologies, Inc. (NASDAQ:PWAV), you have certain options and for certain NASDAQ:PWAV stockholders are strict and short deadlines running. Deadline: April 9, 2012. NASDAQ:PWAV stockholders should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego