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Shareholder Class Action Filed Against Powerwave Technologies, Inc. by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP

The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Central District of California, on behalf of all common stock purchasers of Powerwave Technologies, Inc. (NASDAQ: PWAV) ("Powerwave" or the "Company") from May 2, 2005 through October 9, 2006, inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbtklaw.com.

The complaint charges Powerwave and certain of its officers and directors with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that Powerwave was materially overstating its financial results, specifically by improperly recognizing revenue; (2) that the Company was materially overstating its profitability by underreporting foreseeable expenses, and failing to make proper, timely adjustments; (3) that Powerwave's financial statements were not prepared in accordance with GAAP; (4) that the Company lacked adequate internal operational or financial controls; (5) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made; and (6) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

On October 9, 2006, prior to the market opening for that day, Powerwave shocked investors when it announced, in striking contrast to the Company's prior announcements, the Company was drastically slashing its financial guidance for the Third Quarter of fiscal year 2006.

On the release of this shocking news, shares of the Company's stock declined $1.38, or 17.6 percent, to close on October 9, 2006 at $6.42 per share, on unusually heavy trading volume.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.

For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit http://www.sbtklaw.com

If you are a member of the class described above, you may, not later than April 2, 2007, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin Barroway Topaz & Kessler or other counsel of your choice, to serve as your counsel in this action.