COLCHESTER, Conn., March 20, 2007 (PRIME NEWSWIRE) -- On March 15, 2007, Scott+Scott, LLP, filed a class action against Wireless Facilities, Inc. ("Wireless Facilities" or the "Company") (Nasdaq:WFII) and certain officers and directors in the U.S. District Court for the Southern District of California. The action is on behalf of Wireless Facilities common stock purchasers during the period March 29, 2001 to March 12, 2007 inclusive (the "Class Period"), for violations of the Securities Exchange Act of 1934. The complaint alleges that defendants made false and misleading statements and material omissions regarding the Company's business and operations and that, as a result, the price of the Company's securities was inflated during the Class Period, thereby harming investors.
If you purchased Wireless Facilities stock during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than May 18, 2007. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com, 800/404-7770, 860/537-5537) or visit the Scott+Scott website, http://www.scott-scott.com, for more information. There is no cost or fee to you.
According to the complaint, during the Class Period, defendants made false and misleading statements and omissions regarding the Company's business, accounting practices and financial results. Amongst other things, defendants concealed WFI's longstanding and highly improper practice of backdating its stock option awards to executive management, which resulted in undocumented windfall compensation to recipients of the awards. Defendants' improper grant of backdated stock options violated the Company's stock option plans, as well as Generally Accepted Accounting Practices ("GAAP"). As a result, defendants informed shareholders on March 12, 2007 that the Company's quarterly and annual financial statements for the fiscal years 2000-2006 were materially false and misleading, that the Company would not timely file its SEC Form 10-K for the 2006 fiscal year and that the Company expected to receive a delisting notice from the NASDAQ.
The plaintiff is represented by Scott+Scott, a firm with significant experience in prosecuting investor class actions. The firm dedicates itself to client communication and satisfaction and currently is litigating major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, charities, foundations, individuals and other entities worldwide.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primenewswire.com/ca/