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The ongoing backdated options scandal continues to haunt
investors in certain companies, in particular those companies
that need to restate their financials as a result of improper
backdating. The latest example is Sonic Solutions
(NASDAQ: SNIC). The Company engages in the development
and marketing of computer software related to digital media.
On February 1, 2007, Sonic Solutions disclosed that it was
investigating its stock option granting practices.
Not surprisingly, after the announcement of the internal
investigation of its stock options difficulties, SNIC dropped in
heavier than usual volume. Two weeks later, this investigation
would result in more difficulties for shareholders. Specifically,
on February 15, 2007, after the close of trading the Company
stated that it will restate its financial statements for certain, as
yet undetermined periods. As you would suspect, Sonic Solutions
stock dropped the following day on heavier than normal volume.
Trouble for Powerwave Technologies, Inc. (NASDAQ: PWAV) Investors
Sometimes, when companies boast of record setting growth, it is
time to watch out. A recent example is Powerwave Technologies, Inc.
The Company supplies wireless solutions for wireless communications
networks worldwide. It has been alleged that Powerwave and certain
of its officers and directors issued a series of materially false and
misleading statements in violation of Federal securities laws.
On October 9, 2006, Powerwave disclosed that its 2006 third
quarter results would be only $155 million, significantly lower than
the $230-$250 million previously forecast. This stunning disclosure,
in the face of repeated Company reports of “record” setting growth
and profitability, resulted in an immediate drop in the price of
Powerwave stock. Specifically, its stock declined almost 20% in
a single trading day.
It is alleged that the Company’s material misrepresentations
permitted the Company to register for sale with the SEC millions
of shares of stock that were sold to the public or used to acquire
assets of other unwitting companies as well as allowing Company
insiders to sell millions of dollars of their privately held shares
while in possession of material adverse non-public information.
Investors who purchased Powerwave Technologies between
May 2, 2004 and October 19, 2006, are affected.
We are investigating the two situations discussed above and if
you are an affected investor in any of these cases or the other
cases listed below under investigation, you may wish to contact
us at info@securitiesleuth.com or 877 511 4717.
Other cases under investigation are:
Active Power, Inc. (NASDAQ: ACPW)
Coast Financial Holdings, Inc. (NASDAQ: CFHI)
CTS Corporation (NYSE: CTS)
Globalstar Inc. (NASDAQ: GSAT)
Hornbeck Offshore Services, Inc. (HOS)
LECG Corporation NASDAQ: (XPRT)
Nutrisystem (NNASDAQ: NTRI)
Quanta Capital Holdings, Ltd (NASDAQ: QNTA)
Thor Industries, Inc. (NYSE: THO)
Now with respect to securities cases that have recently settled.
If you are an affected investor – you purchased any of these
stocks during the relevant class period, you may wish to contact
the claims administrator to obtain additional information.
Remember, if you don’t submit your claim form, you won’t receive
your share of any settlement.
Wilbros Group, Inc. (WG)
Class Period: May 6, 2002 to May 16, 2005
Claims Deadline: February 28, 2007
Claims Administrator: Garden City
Krispy Crème Doughnuts (KKD)
Class Period: March 8, 2001 to April 18, 2005
Claims Deadline: March 5, 2007
Claims Administrator: Gilardi
Information regarding other recent settled cases, including the
cases listed below can be found at www.securitiessleuth.com.
Adelphia Communications (ADELQ)
Advanced Neuromodulation Systems, Inc. (ANSI)
Amerigroup Corp. (AGP)
Philip Services Corp. (PHV)
Again you should contact the claims administrator (rather than us).
However, if you are an affected investor in any of the companies
under investigation, you many wish to contact us so that you can
consider your options.
Likewise, if you happen to be aware of corporate restatements or
other financial fraud -- especially if you're a victim -- you're encouraged
to contribute to the Sleuth by giving your own tip-offs at
www.securitiessleuth.com or by e-mailing info@securitiessleuth.com.
You can also call Mark McNair at 877-511-4717.
If you have a friend or colleague you think would benefit from
The Sleuth, please pass along this issue and ask them to sign up at
www.cartville.com/app/join.asp?MerchantID=47994.
Warmest regards,
Mark McNair
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