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Powerwave Technologies, Inc. (NASDAQ:PWAV) Investor Files Lawsuit Against Directors Over Alleged Breaches Of Fiduciary Duties

  • If you purchased shares of Powerwave Technologies, Inc. (NASDAQ:PWAV), you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Powerwave Technologies
Security
NASDAQ: PWAV

Case Name
Powerwave Technologies Shareholder Derivative Lawsuit 04/10/2012
Type of Lawsuit
Stockholder Derivative Action
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Summary

January 28, 2013 (Update) -- Powerwave Technologies, Inc files for bankruptcy, listing debt of $396 million and assets of $213 million.
April 12, 2012 -- A current stockholder in NASDAQ:PWAV shares filed a lawsuit against certain directors of Powerwave Technologies, Inc over alleged breaches of fiduciary duties in connection with certain statements.

The plaintiff alleges that defendants failed to warn investors that the firm was struggling tremendously due to a decline in sales caused by economic, political, and legal turmoil in the North America, Middle East, and European markets.

On November 8, 2011, Powerwave Technologies, Inc. reported that its three months Revenue fell from $156million for a three months period ending on Oct. 3, 2010 to $77million for the three months period ending on Oct. 2, 2011, further Powerwave Technologies, Inc. reported that its nine months Revenue fell from $415million for a nine months period ending on Oct. 3, 2010 to $384million for its nine months period ending on Oct. 2, 2011.

In February another investor filed already lawsuit against Powerwave Technologies, Inc over alleged Securities Laws Violations and just recently an different investor in PWAV shares filed the lawsuit against certain directors of Powerwave.

Since the 1:5split on Oct 31, 2011 NASDAQ:PWAV shares fell to as low as $1.71 in January 2012 and closed on April 6, 2012 at $1.85 per share.