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Case Status:    SETTLED
On or around 12/22/2008 (Date of order of final judgment)

Filing Date: March 15, 2007

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.

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. On April 3, 2008, Judge Moskowitz granted the motion to stay the proceedings.

According to an article dated September 1, 2008, the parties of a consolidated securities fraud class-action suit against Kratos Defense & Security Solutions, Inc. – formerly Wireless Facilities, Inc. -- have reached a tentative $4.5-million settlement in the matter, according to Kratos' Aug. 6, 2008 Form 10-Q filing with the U.S. Securities and Exchange Commission for the quarter ended June 29, 2008. … In March 2008, following a voluntary mediation of the matter, the parties reached a tentative agreement to settle the class action suit. Under the settlement proposal, the plaintiffs and the class will dismiss all claims, with prejudice, in exchange for a cash payment of $4.5 million.

On December 19, 2008, District Court Judge Nita L. Stormes granted the motion for attorney fees, costs and expenses and further granted the motion for final approval of the class action settlement. The case is now dismissed with prejudice. Plaintiff's Lead Counsel attorneys' fees is awarded of 25% of the Full Settlement Amount ($1,125,000), and expenses in an aggregate amount of $135,371.85, together with the interest earned thereon for the same time period and at the same rate as earned on the Full Settlement Amount until paid.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: WFII
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: S.D. California
DOCKET #: 07-CV-00482
JUDGE: Hon. Barry Ted Moskowitz
DATE FILED: 03/15/2007
CLASS PERIOD START: 03/29/2001
CLASS PERIOD END: 03/12/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Perkinson
    1690 Williston Road, Johnson & Perkinson, VT 05403
    802.862.0030 802.862.0060 · JPLAW@adelphia.net
  2. Schoengold Sporn Laitman & Lometti PC
    19 Fulton Street, Suite 406, Schoengold Sporn Laitman & Lometti PC, NY 10038
    212.964.0046 212.267-8137 · shareholderrelations@spornlaw.com
  3. Scott & Scott LLC (Connecticut)
    P.O. Box 192, 108 Norwich Avenue, Scott & Scott LLC (Connecticut), CT 06415
    860.537.5537 860.537.4432 · scottlaw@scott-scott.com
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 07-CV-00482
JUDGE: Hon. Barry Ted Moskowitz
DATE FILED: 11/19/2007
CLASS PERIOD START: 03/19/2002
CLASS PERIOD END: 03/12/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
  2. Johnson & Perkinson
    1690 Williston Road, Johnson & Perkinson, VT 05403
    802.862.0030 802.862.0060 · JPLAW@adelphia.net
No Document Title Filing Date