Published: September 19, 2008
The Brualdi Law Firm, P.C. Announces Class Action Lawsuit Against Harris Stratex Networks, Inc.
NEW YORK, Sept. 19, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of Delaware on behalf of purchasers of Harris Stratex Networks, Inc. ("Harris Stratex" or "the Company") securities during the period between January 29, 2007 and July 30, 2008 (the "Class Period") for violations of federal securities laws. Also included are those who exchanged shares of Stratex Networks, Inc. for shares of Harris Stratex pursuant to the registration statement/prospectus that became effective on January 8, 2007.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Harris Stratex securities during the Class Period, or exchanged shares of Stratex Networks, Inc. for shares of Harris Stratex pursuant to the Company's January 8, 2007 registration statement/prospectus, and wish to move the court for appointment of lead plaintiff, you must do so by November 14, 2008. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint charges that Harris Stratex and certain of its officers and directors violated federal securities laws by issuing materially false and misleading statements about its financial condition prior to and following its formation in early 2007 through the date of the merger of Stratex Networks, Inc. and the Harris Microwave Communications Division.
On July 30, 2008, Harris Stratex announced that it had discovered accounting errors which rendered its previously issued financial statements to be incorrect. According to the announcement, the Company will restate earnings reports from 2005 through the present. The Company reported these accounting errors will cut previously reported pre-tax income by $18 million to $25 million.
More information on this and other class actions can be found on the Class Action Newsline at www.globenewswire.com/ca.
CONTACT: The Brualdi Law Firm, P.C.
Sue Lee, Esq.
(212) 952-0602
(877) 495-1187
slee@brualdilawfirm.com
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