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Case Status:    SETTLED
On or around 07/18/2016 (Date of order of final judgment)

Filing Date: February 09, 2012

According to the complaint, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that the Company was experiencing a dramatic decline in demand from customers in its North American markets; (ii) that the Company was rapidly burning through its free cash flow as revenues declined and expenses increased; and (iii) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its operations and earnings.

On October 18, 2011, Powerwave issued a press release announcing that “it anticipates that revenues for its fiscal third quarter ended October 2, 2011 will be in the range of $75 million to $79 million.” Following the issuance of the press release, Powerwave held a conference call to discuss the announcement. During the conference call, defendants admitted that the Company was performing poorly and burning through a substantial amount of free cash. In response to the announcement, on October 19, 2011, the price of Powerwave common stock declined from $1.46 per share to $0.85 per share, or 42%, on extremely heavy trading volume.

On April 26, 2012, the Court issued an order appointing lead plaintiff and approving the selection of lead counsel.

On July 23, 2012, the plaintiffs filed their consolidated complaint.

On January 25, 2013, the Court issued an Order granting the Defendants' motion to dismiss. Plaintiffs were given twenty days to amend their Complaint. Plaintiffs filed their amended Complaint on February 14. Plaintiffs filed a corrected version of this Complaint on February 26.

On May 16, 2013, the Court issued an Order granting the Defendants' motion to dismiss. Plaintiffs were given twenty days to amend their complaint. On June 14, Plaintiffs filed their amended complaint.

On October 23, 2013, the Court issued an Order denying the Defendants' motion to dismiss.

On October 30, 2015, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on December 4. On July 11, 2016, the Court granted final approval of the Settlement and dismissed this case.

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 #: 12-CV-00222
JUDGE:
DATE FILED: 02/09/2012
CLASS PERIOD START: 02/01/2011
CLASS PERIOD END: 10/18/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  2. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  3. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  4. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 12-CV-00222
JUDGE:
DATE FILED: 07/23/2012
CLASS PERIOD START: 10/28/2010
CLASS PERIOD END: 10/18/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date