PHILADELPHIA, Sept. 17, 2008 (LAWFUEL) — Law Offices Bernard M.
Gross, P.C. announces that it commenced a class action lawsuit in the
United States District Court for the Southern District of California
(08cv1697) on behalf of purchasers of NextWave Wireless, Inc.
(“NextWave” or the “Company”)(Nasdaq:WAVE) common stock during the
period March 30, 2007 through August 7, 2008.
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
[email protected] 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, a mobile broadband and multimedia
technology company, 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.