SAN DIEGO--(BUSINESS WIRE)--Shareholder Rights Law Firm Johnson & Weaver, LLP announces that it is investigating whether certain officers and directors of Powerwave Technologies, Inc. (NASDAQ: PWAV) breached their fiduciary duties and committed violations of United States securities laws.
Johnson & Weaver, LLP’s investigation focuses on whether certain officers and directors of Powerwave issued false and misleading public statements about the company’s prospects and financial results. On October 18, 2011, however, Powerwave issued a press release announcing that its expected revenues for the fiscal third quarter would be less than half of what analysts had anticipated. After issuing this press release, Powerwave held a conference call during which certain officials admitted the company was performing poorly and burning through its cash reserves. The following day, October 19, 2011, Powerwave’s stock price dropped from $1.46 per share to $0.85 per share on unusually heavy trading volume.
Johnson & Weaver, LLP invites current Powerwave shareholders who are concerned about their legal rights and remedies to contact attorney Brett Weaver at (619) 230-0063 or firstname.lastname@example.org.
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.