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Case Status:    SETTLED
On or around 02/11/2010 (Date of order of final judgment)

Filing Date: March 18, 2002

The original action charges Metawave Communications Corporation (Metawave'), as well as Metawave's chief executive officer and chief financial officer, with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The violations, as the complaint alleges, stem from the issuance of allegedly false and misleading financial statements and financial projections during the Class Period, which had the effect -- during the class period -- of artificially-inflating the price of Metawave's shares. The lawsuit seeks to recover losses suffered by individual and institutional investors who purchased Metawave's shares during the Class Period, excluding defendants and their affiliates. After disclosure that Metawave's current financial results would not be as expected, and that previously-reported financial results would be even lower than reported, Metawave's shares swiftly lost more than 70% of their value.

NOTE: In February 2003, Metawave filed a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code.

In August 2002, the Court entered Order consolidating the action and appointing lead plaintiffs and co-lead counsel. On October 15, 2002, the plaintiffs filed a Consolidated Class Action Complaint and the defendants responded by filing motions to dismiss the complaint. On February 2, 2003, defendant Metawave filed a notice of bankruptcy and the case was stayed as to defendant Metawave. On June 20, 2003, the Court entered the Order granting the defendants' motions to dismiss the Consolidated Class Action Complaint. On August 15, 2003, the plaintiffs filed an Amended Consolidated Class Action Complaint and later filed a Second Amended Consolidated Class Action Complaint on February 25, 2004. The defendants filed a motion to dismiss the Second Amended Consolidated Complaint, but the plaintiffs again amended their complaint by filing a Third Amended Consolidated Class Action Complaint on September 12, 2005.

On March 25, 2009, Judge Ricardo S. Martinez granted defendants Hunsberger and Fuhlendorf's motion to dismiss. The Court grants defendants' motion to dismiss the Third Amended Complaint and dismisses with prejudice the claims against these two defendants. On April 8, 2009, the plaintiffs filed a motion for reconsideration of the March 25th Order. On October 29, 2009, the parties filed a Stipulation of Settlement and the plaintiffs filed a motion for preliminarily approval of the class action settlement. The proposed settlement is in the amount of $1.5 million in cash. On November 10, 2009, Judge Martinez preliminarily approved the settlement. On February 11, 2010, Judge Martinez signed the Order approving the final settlement and the plan of allocation and awarded attorneys' fees and expenses. The action was dismissed with prejudice. On February 22, 2010, Judge Martinez signed an amended order awarding attorneys’ fees and expenses.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MTWV
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: W.D. Washington
DOCKET #: 02-CV-00625
JUDGE: Hon. Thomas S. Zilly
DATE FILED: 03/18/2002
CLASS PERIOD START: 04/24/2001
CLASS PERIOD END: 03/14/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman, LLP
    1301 Fifth Avenue Suite 2900, Hagens Berman, LLP, WA 98101
    206.623.7292 · info@hagens-berman.com
  2. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
No Document Title Filing Date
COURT: W.D. Washington
DOCKET #: 02-CV-00625
JUDGE: Hon. Thomas S. Zilly
DATE FILED: 09/12/2005
CLASS PERIOD START: 04/24/2001
CLASS PERIOD END: 03/14/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman Sobol Shapiro LLP (Seattle)
    1301 Fifth Avenue, Suite 2900, Hagens Berman Sobol Shapiro LLP (Seattle), WA 98101
    206-623-7292 206-623-0594 · info@hagens-berman.com
  2. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
  3. Lerach Coughlin Stoia Geller Rudman & Robbin (San Francisco)
    100 Pine Street, Suite 2600, Lerach Coughlin Stoia Geller Rudman & Robbin (San Francisco), CA 94111
    415.288.4545 415.288.4534 · info@lerachlaw.com
  4. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    401 B Street, Suite 1700, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    206.749.5544 206.749.9978 · info@lerachlaw.com
No Document Title Filing Date
No Document Title Filing Date