Powerwave Technologies, Inc. ("Powerwave" or the Company) is a global telecommunications corporation, with products designed to amplify coverage, capacity and data speed in wireless communications networks.

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.