Robbins Umeda LLP Announces an Investigation of Aviat Networks, Inc. for Shareholders
March 29 2011 - 1:39PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, is
interested in helping shareholders of Aviat Networks, Inc. (NASDAQ:
AVNW). The firm has commenced an investigation into possible
breaches of fiduciary duty and other violations of the law by
certain officers and directors at Aviat. Aviat, together with its
subsidiaries, is a self-proclaimed global supplier of turn-key
wireless network solutions and network management software, backed
by a suite of professional services and support. The company is
headquartered in Santa Clara, California.
If you own shares in Aviat and would like more information about
your rights as a shareholder, please contact Gregory E. Del Gaizo
at 800-350-6003 or via the shareholder information form on our
website.
The investigation focuses on whether the directors and officers
of Aviat harmed the company by issuing false and misleading
financial statements from 2005 to 2008, potentially exposing the
company to federal securities violations. Currently, the company is
defending itself against a federal securities fraud class
action.
Aviat was incorporated in 2006 for the purpose of combining the
businesses of Harris Corporation's Microwave Communications
Division ("MCD") and Stratex Networks. In the Registration
Statement that became effective in January 2007, MCD reported
losses for the fiscal years ended 2005 and 2006, which were
materially understated due to the understatement of total cost of
product sales and services, as well as selling and administrative
expenses.
On July 30, 2008, after the market closed, the company admitted
that its financial results for fiscal years 2004 – 2006 were
"materially misstated" and that the company would restate earnings
over four fiscal years from 2005 through 2008. On this news, the
company's value declined approximately 35%.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
law firm's skilled litigation teams include former federal
prosecutors, former defense counsel from top multinational
corporate law firms, and career shareholder rights attorneys.
Robbins Umeda LLP has helped its clients realize more than $1
billion of value for themselves and the companies in which they
have invested. For more information, please go to
http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/aviat-networks-inc/
Attorney Advertising. Past results do not guarantee a similar
outcome.
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