BALA CYNWYD, Pa., March 20, 2002 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Western District of Washington on behalf of all purchasers of the common stock of Metawave Communications Corporation ("Metawave") (Nasdaq:MTWV) from April 25, 2001 and March 14, 2002, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges Metawave Communications Corporation and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Metawave provides smart antenna systems. The Company's SpotLight systems provide a solution for wireless network operators facing capacity constraints within their networks. Metawave's systems increase overall network capacity, improve or maintain network quality, reduce network operating costs, and manage network infrastructure.
The complaint alleges that during the Class Period, defendants caused Metawave's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. As a result of this inflation, Metawave was able to complete private placement offerings, raising net proceeds of $30 million during the Class Period. On March 14, 2002, just months after the last offering was completed, Metawave revealed that its FY 2001 results were false when issued. The stock dropped below $1 per share on this news.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, which has significant experience and expertise prosecuting class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit http://www.sbclasslaw.com/cgi/signup.cgi.
If you are a member of the class described above, you may, not later than May 18, 2002, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Stuart L. Berman, Esq. Three Bala Plaza East, Suite 400, Bala Cynwyd, PA 19004 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at info@sbclasslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca