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Case Status:    SETTLED
On or around 08/21/2000 (Date of order of final judgment)

Filing Date: July 16, 1998

According to the docket, on June 7, 2000, a Stipulation of Settlement was filed, and on August 21, 2000, the Court entered the Final Judgment Order by U.S. District Judge Gary L. Taylor. The Court granted the motions for final approval of the settlement and the plan of allocation of the settlement proceeds. On September 22, 2000, the Court further entered the Order awarding the plaintiffs’ settlement counsel’s attorney fees in the amount of $208,344.14.

By the Notice of Pendency and Proposed Settlement of Class Action A settlement hearing will be held on August 21, 2000, at 10:00 a.m., before the Honorable Gary L. Taylor, United States District Judge, at the Ronald Reagan Federal Building and U.S. Courthouse, 411 W. Fourth Street, Santa Ana, California (the "Settlement Hearing"). The purpose of the Settlement Hearing will be to determine: (1) whether the settlement consisting of $3,000,000 in cash (plus accrued interest) should be approved as fair, just, reasonable and adequate to each of the parties; (2) whether the proposed plan to distribute the settlement proceeds (the "Plan of Allocation") is fair, just, reasonable, and adequate; (3) whether Representative Plaintiffs' Counsel have adequately represented the Class; (4) whether the application by Representative Plaintiffs' Counsel for an award of attorneys' fees and expenses should be approved; and (5) whether the Litigation should be dismissed with prejudice.

The original complaint charges the Company and certain officers/directors with making false representations that continuing strong demand for the Company's cellular telephone amplifier in South Korea, and successful geographic diversification of the Company's business would generate 30%- 40% earnings per share, thus artificially inflating Powerwave's stock. Then, on 1/15/98, Powerwave admitted that, due to order cancellations from its largest Korean customers, problems with Korean currency and an inability to make up the Korean sales shortfall elsewhere, its 1998-99 results were going to be much worse than forecast. Powerwave's stock then dropped by almost 40% on that one day.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PWAV
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 98-CV-00605
JUDGE: Hon. Gary L. Taylor
DATE FILED: 07/16/1998
CLASS PERIOD START: 06/04/1997
CLASS PERIOD END: 01/16/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack, Rodos & Bacine (San Diego - former)
    402 West Broadway , Barrack, Rodos & Bacine (San Diego - former), CA 92101
    619.230.0800 619.230.1874 · info@barrack.com
  2. Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ)
    220 St. Paul Street, Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ), NJ 07090
    908.928.1700 908.301.9008 · blbg@blbglaw.com
  3. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 98-CV-00605
JUDGE: Hon. Gary L. Taylor
DATE FILED: 12/01/1998
CLASS PERIOD START: 06/04/1997
CLASS PERIOD END: 01/16/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  2. Reinhardt & Anderson
    E 1000 First Bank Bldg - 332 Minnesota Street, Reinhardt & Anderson, MN 55101
    651.227.9990 ·
No Document Title Filing Date
No Document Title Filing Date