PHILADELPHIA, Oct. 21, 2008 (GLOBE NEWSWIRE) -- A class action lawsuit was filed today in the United States District Court, Southern District of California, Civil Action No. 08-1934, alleging an expanded class period, on behalf of the purchasers of the common stock of NextWave Wireless, Inc. ("NextWave" or the "Company")(Nasdaq:WAVE) between November 27, 2006 through August 7, 2008, (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no later than November 17, 2008. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600, or via email at susang@bernardmgross.com. 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 NextWave and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that defendants misrepresented and failed to disclose that: (1) NextWave did not have adequate liquidity to continue operations as it executed its growth strategy and continued making aggressive worldwide acquisitions; (2) NextWave did not have the wherewithal to launch its new WiMAX semiconductor products in the first six months of 2008; (3) NextWave did not have financial resources to continue as a going concern; (4) NextWave did not have the financial resources to continue to operate its world-wide operations through the end of 2008; (5) NextWave had invested all of its marketable securities in high-risk and illiquid auction rate securities and had misrepresented these investments on its balance sheet included in its financial statements; and (6) defendants had no reasonable basis to make favorable statements that the Company's WiMAX semiconductor products would be available for commercial sale in the first half of 2008.
On August 7, 2008, after the market closed, NextWave issued its second quarter 2008 financial results, announcing it had only $71.1 million in cash and similar instruments available as of June 30, 2008 and, unless it raised money, its cash would run out at the beginning of October 2008. Upon this news, shares of the Company's stock fell by more than 90%, to close at $0.95 per share.
Plaintiff seeks to recover damages on behalf of all purchasers of NextWave common stock during the Class Period. The plaintiff is represented by Law Offices Bernard M. Gross, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters, PLEASE CONTACT:
Law Offices Bernard M. Gross, P.C. Susan R. Gross, Esq. Deborah R. Gross, Esq. Telephone: 866-561-3600 (toll free) or 215-561-3600 E-mail: susang@bernardmgross.com or debbie@bernardmgross.com. Website: http://www.bernardmgross.com