LITTLE ROCK, Ark.— Cauley Geller Bowman & Coates L.L.P. announced a class action lawsuit has been filed in the U.S. District Court for the Western District of Washington on behalf of those who purchased Metawave Communications Corp. common stock between April 25, 2001, and March 14, 2002.
The complaint charges Metawave and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition that caused Metawave shares to trade at artificially inflated levels. As a result of this inflation, Metawave was able to complete private placement offerings, raising net proceeds of $30 million during the class period.
On March 14, just months after the last offering was completed, Metawave revealed that its fiscal-year 2001 results were false when issued, and Metawave’s stock dropped below $1 per share.
