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Wireless Facilities, Inc. Summary: On May 21, 2007, Judge Barry Ted Moskowitz granted the motion to consolidate related actions under Master File No. 07cv482-BTM(NLS), which is captioned In re Wireless Facilities, Inc. Securities Litigation II. On August 8, 2007, the Court entered the Order appointing Washington-Idaho Laborers-Employers Pension Trust Fund as Lead Plaintiff and approving Lead Counsel. On November 19, 2007, an Amended Class Action Complaint was filed.
The original Complaint alleges that WFI and certain officers and directors violated Sections 10(b), 14(a) and 20(a) of the Securities Exchange Act of 1934 by making false and misleading statements and omissions concerning WFI's improper and undisclosed practice of backdating options conferred on certain executives, which made it appear that such options were issued upon dates when the market price of WFI stock was lower than actual market price on the actual grant dates, thereby masking the profits the option recipients obtained. Under generally accepted accounting principles, these profits were required to be recognized as an expense in the Company's financial statements for the appropriate period, but were not. This backdating of options also violated provisions of the Internal Revenue Code relating to deduction of option payments. Thus, the Complaint alleges, the Company's financial statements in Form 10-K filings for the years 2000, 2001, 2002, 2003, 2004 and 2005 and Form 10-Q quarterly filings were materially false and misleading.
INDUSTRY CLASSIFICATION:
SIC Code: 4899
Sector: Services
Industry: Communications Services
| COMPANY/ISSUER NAME: | Wireless Facilities, Inc. |
| COMPANY/ISSUER TICKER: | WFII |
| COMPANY WEBSITE: | http://www.wfinet.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Brett Johnson, et al. v. Wireless Facilities, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violation of the Federal Securities Laws - Demand for Trial by Jury | |||
| Type: Complaint | Date on the document: 03/15/2007 | ||
| Order Appointing Washington-Idaho Laborers Employers Pension Trust Fund As Lead Plaintiff, And Approving Lead Counsel | |||
| Type: Order | Date on the document: 08/08/2007 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 08/29/2007 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| In Re: Wireless Facilities, Inc. Securities Litigation II | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Amended Complaint for Violation of the Federal Securities Laws | |||
| Type: Complaint | Date on the document: 11/19/2007 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 7/25/2008 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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