January 28, 2013 (Update) -- Powerwave Technologies, Inc files for bankruptcy, listing debt of $396 million and assets of $213 million.
August 24, 2009 (Update) -- According to a notice from August 24, 2009, a proposed settlement of this class action in the sum of $3,150,000.00 in cash was announced.

According to the notice a Settlement Fairness Hearing will be held before the Honorable Philip S. Gutierrez, at the United States District Court for the Central District of California, Western Division, Roybal Federal Building and U.S. Courthouse, 255 East Temple Street, Los Angeles, CA 90012, at 2:30 p.m., on October 19 , 2009 to determine: (1) whether the proposed Settlement should be approved by the Court as fair, reasonable, and adequate; (2) whether, thereafter, the Litigation should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement dated as of May 14, 2009; (3) whether the Plan of Allocation is fair, reasonable and adequate and therefore should be approved; (4) whether the application of Plaintiffs’ Co-Lead Counsel for the payment of attorneys’ fees and expenses incurred in connection with this matter should be approved; and (5) whether the Lead Plaintiff’s application for reimbursement of his costs and expenses (including lost wages) incurred in representing the Settlement Class should be approved.

February 1, 2007 -- According to a press release dated February 1, 2007, 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 further 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.