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Robbins Geller Rudman & Dowd LLP Files Class Action
Class Action |
2012/02/10 09:27
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Robbins Geller Rudman & Dowd LLP today announced that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Powerwave Technologies, Inc. between February 1, 2011 and October 18, 2011, inclusive.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/powerwave/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Powerwave and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Powerwave engages in the design, manufacture, marketing, and sale of wireless solutions for wireless communications networks worldwide.
The complaint alleges that, 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.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations.
http://www.rgrdlaw.com
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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