2008-09-17 23:42:03 -
- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of California on behalf of those who purchased the common stock of NextWave Wireless Inc. ("NextWave" or the "Company")
(Nasdaq: WAVE) between March 30, 2007 and August 7, 2008 (the "Class Period").
The Complaint charges that NextWave and certain of its officers and directors violated federal securities laws by issuing materially false statements. Specifically, defendants failed to disclose the following facts: (i) NextWave did not have adequate sources of liquidity to continue operations as it executed its growth strategy; (ii) 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; (iii) NextWave's growth and acquisition strategy was not financially successful and did not provide the basis for continued growth because it was straining NextWave's fragile liquidity position and NextWave did not have the financial resources to continue its world-wide operations through the end of 2008; and (iv) NextWave failed to timely disclose that it had invested all of its marketable securities in extremely high-risk and illiquid auction rate securities.
If you are a member of the class, you may, no later than November 17, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail at
firm@izardnobel.com, or visit our website: www.izardnobel.com.
Izard Nobel LLP
Wayne T. Boulton or Nancy A. Kulesa, 800-797-5499
firm@izardnobel.com
www.izardnobel.com
