Schatz Nobel Izard, P.C. Files Class Action Lawsuit Against Wireless Facilities, Inc.
The law firm of Schatz Nobel Izard, P.C., 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 all persons who purchased or otherwise acquired the publicly traded securities of Wireless Facilities, Inc. (``Wireless Facilities’’ or the ``Company’’) (NasdaqGS:WFII - News) between March 29, 2001 to March 12, 2007, inclusive, (the ``Class Period’’).
The Complaint alleges that Wireless Facilities and certain of its officers and directors violated Federal Securities laws by making false and misleading statements and omissions concerning Wireless Facilities’ improper and undisclosed practice of backdating options conferred on certain executives, which made it appear that such options were issued upon dates when the market price of Wireless Facilities stock was lower than actual market price on the actual grant dates, thereby masking the profits the option recipients obtained. Under generally accepted accounting principles, these profits were required to be recognized as an expense in the Company’s financial statements for the appropriate period, but were not. This backdating of options also violated provisions of the Internal Revenue Code relating to deduction of option payments. As a result, the Company’s financial statements in Form 10-K filings for the years 2000, 2001, 2002, 2003, 2004 and 2005 and Form 10-Q quarterly filings were materially false and misleading.
If you are a member of the class, you may, no later than May 18, 2007, 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, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
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