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Case ID: 4978 | Stocks | 02/01/2007
New Orleans, LA (Marketwire) – February 1, 2007 - Kahn Gauthier Swick, LLC ("KGS") has filed the first class action lawsuit in the United States District Court for the Central District of California, Southern Division, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of Powerwave Technologies, Inc. ("Powerwave" or the "Company'') (Nasdaq: PWAV) between May 2, 2005 and October 9, 2006 (the "Class Period").
Powerwave and certain of its officers and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. On October 9, 2006, investors learned that Powerwave’s 2006 third quarter results would be only $155 million, significantly lower than the $230-$250 million previously forecast. This sudden and shocking disclosure, in the face of repeated Company reports of “record” setting growth and profitability, had an immediate impact on the price of Powerwave stock, which declined almost 20% in the single trading day - - marking a decline of almost $10 per share from the Class Period high reached only several months earlier. The Complaint alleges that Powerwave materially misrepresented and failed to disclose numerous conditions that adversely affected the Company, permitting defendants to: (1) deceive shareholders concerning the business, operations, management and the intrinsic value of Powerwave common stock; (2) artificially inflate the price of the Company’s shares, ultimately purchased by misled shareholders; (3) register for sale with the SEC millions of shares of stock that were sold to the public or used to acquire assets of other unwitting companies; (4) make it possible for Company insiders to sell millions of dollars of their privately held shares while in possession of material adverse non-public information. If you wish to serve as lead plaintiff in this case, you must move the Court no later than 60 days from today. Any member of the purported 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. If you would like to discuss your legal rights, you may e-mail or call KGS, without obligation or cost to you. You may contact Managing Partner Lewis Kahn of KGS direct, toll free 1-866-467-1400, ext. 106, or by email at lewis.kahn@kgscounsel.com. SPECIAL NOTICE: While federal law does not prohibit other lawyers from "announcing" this class action through the issuance of other press releases, KGS is the law firm that researched, investigated, drafted and filed the securities fraud case against Powerwave. If you are a Powerwave shareholder who decides to contact one of these lawyers, KGS reminds you to fully interview any such lawyer to assure that they thoroughly understand the facts surrounding the claims KGS has filed in Court. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest The parties have reached a tentative $12,026,000 settlement of a class action filed against software company Allaire Corporation (formerly Nasdaq: ALLR) and certain of its officers and directors by stockholders who purchased the company's common stock between December 7, 1999, and September 18, 2000. To recover under the settlement, a completed proof of claim postmarked no later than December 18, 2003, must be mailed to the claims administrator. The parties have reached a tentative $1,303,750 settlement of an action filed against auto insurer Symons International Group, Inc. (Pink Sheet: SIGC.PK) or its parent company, Goran Capital, Inc. (OTCBB:GNCNF) and certain of its officers and directors by stockholders who purchased the company's common stock between February 27, 1998 and November 18, 1999. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. To recover under the settlement, a completed proof of claim postmarked no later than February 20, 2004, must be mailed to the claims administrator. A class action has been filed against Ace Limited, a PA based holding company that provides insurance and reinsurance products (NYSE:ACE) and certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2003 and October 13, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Several class actions have been filed against jewelry manufacturer and seller Topaz Group, Inc. (Amex: TPZ) and certain of its officers and directors by stockholders who purchased the company's common stock between March 21, 2002, and August 20, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. Kahn Gauthier Swick, LLC ("KGS"), the law firm that filed the first class action lawsuit against Optionable, Inc. ("Optionable" or the "Company") (OTC BB:OPBL.OB), notifies investors that a subsequent class action lawsuit filed by a Connecticut and New York law firm has been voluntarily dismissed. Following this untimely withdrawal, KGS remains the sole law firm actively prosecuting a securities class action lawsuit seeking to recover for losses suffered by shareholders who purchased shares of the Company in connection with its Initial Public Offering ("IPO") in or about May 9, 2005, or who purchased shares thereafter in the open market (the "Class Period"). KGS’ lawsuit is pending in the United States District Court for the Southern District of New York, Civil Action No. 07cv3753. A class action has been filed against Van der Moolen Holding N.V. (NYSE: VDM) and certain of its officers and directors by stockholders who purchased the company's American Depository Receipts (ADRs) between October 18, 2001, and October 15, 2003. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. |
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