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Harris Stratex Networks, Inc. Summary: The action seeks to pursue remedies under the Securities Act of 1933 and the Securities Exchange Act of 1934. Specifically, the complaint alleges that Defendants issued materially false and misleading statements about its financial condition prior to and following its formation in early 2007 through the date of the merger of Stratex Networks, Inc. and the Harris Microwave Communications Division. a On July 30, 2008, the Company announced that it had discovered accounting errors which rendered its previously issued financial statements to be incorrect. According to the announcement, the Company will restate earnings reports from 2005 through the present. The Company reported these accounting errors will cut previously reported pre-tax income by $18 million to $25 million. As a result of the restatement, the Company announced that its prior financial statements for the first three quarters of fiscal 2008 and the fiscal years 2005 through 2007 should no longer be relied upon. Harris Stratex's share price fell in reaction to the announcement, falling from $11.24 to $7.35 per share -- a 34.61% decline in value.
On December 4, 2008, the plaintiff in the first filed complaint filed a Notice of Voluntary Dismissal. The case is continuing in two actions substantially similar to this action, captioned Dutton v. Harris Stratex Networks, Inc., 08-CV-00755 (D. Del. filed Oct. 6, 2008) and Kleinmann v. Harris Stratex Networks, Inc., 08 Civ. 6171 (D. Del. filed Oct. 30, 2008).
On June 5, 2009, Judge Joseph J. Farnan, Jr. granted the motion to consolidate the two actions under Civil Action No. 08-755-JJF. The Rudman Investors’ motion to be appointed lead plaintiff was granted. Kirby McInerney, LLP, was approved as lead counsel. On July 29, 2009, the lead plaintiff filed a Consolidated Class Action Complaint. On September 28 and October 9, 2009, the defendants responded by filing several motions to dismiss the Consolidated Class Action Complaint.
INDUSTRY CLASSIFICATION:
SIC Code: 3663
Sector: Technology
Industry: Communications Equipment
| COMPANY/ISSUER NAME: | Harris Stratex Networks, Inc. |
| COMPANY/ISSUER TICKER: | HSTX |
| COMPANY WEBSITE: | http://www.harrisstratex.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Norfolk County Retirement System, et al. v. Harris Stratex Networks, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint For Violation Of Federal Securities Laws | |||
| Type: Complaint | Date on the document: 09/15/2008 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 01/15/2009 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Karen Dutton, et al. v. Harris Stratex Networks, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 09/28/2009 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint For Violations Of Federal Securities Laws | |||
| Case Name and/or Number: Jack Kleinmann , et al. v. Harris Stratex Networks, Inc., et al. | |||
| Type: Complaint | Date on the document: 10/30/2008 | ||
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