NEW YORK, Sept. 15, 2008 (LAWFUEL) — Labaton Sucharow filed a
class action lawsuit on September 15, 2008 in the United States
District Court for the District of Delaware, on behalf of all
purchasers of the securities of Harris Stratex Networks, Inc. (“Harris
Stratex” or the “Company”) (Nasdaq:HSTX) between January 29, 2007 and
July 30, 2008, inclusive (the “Class Period”), including shareholders
of Stratex Networks, Inc. who exchanged shares of Stratex Networks,
Inc. for shares of Harris Stratex Networks, Inc. pursuant to the
registration statement/prospectus that became effective on January 8,
2007. The lawsuit was filed against Harris Stratex and certain officers
and directors (“Defendants”).
If you bought Harris Stratex securities anytime since it commenced
trading on or about January 29, 2007 through and including July 30,
2008; or became a shareholder of the Company because of the merger of
Stratex Networks, Inc. and the Harris Microwave Communications
Division, and would like to consider serving as lead plaintiff or have
any questions about the lawsuit, please contact Andrei V. Rado, Esq at
(800) 321-0476 or (212) 907-0700, or via e-mail at arado@labaton.com.
Lead Plaintiff motion papers must be filed with the United States
District Court for the District of Delaware no later than November 14,
2008. A lead plaintiff is a court-appointed representative for absent
class members. You do not need to seek appointment as lead plaintiff to
share in any class recovery in this action. If you are a class member
and there is a recovery for the class, you can share in that recovery
as an absent class member. You may retain counsel of your choice to
represent you in this action.
If you are a member of this class you can view a copy of the complaint
and join this class action online at
http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm
This action seeks to pursue remedies under the Securities Act of 1933
(the “Securities Act”) and the Securities Exchange Act of 1934 (the
“Exchange Act”). Specifically, the complaint alleges that Defendants
issued 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, the Company 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. As a result of the
restatement, the Company announced that its prior financial statements
for the first three quarters of fiscal 2008 and the fiscal years 2005
through 2007 should no longer be relied upon. Harris Stratex’s share
price fell in reaction to the announcement, falling from $11.24 to
$7.35 per share — a 34.61% decline in value.
Plaintiff is represented by the law firm of Labaton Sucharow. Labaton
Sucharow is one of the country’s premier national law firms that
represent individual and institutional investors in class action,
complex securities and corporate governance litigation. The firm has
been a champion of investor rights for over 40 years and has been
recognized for its reputation for excellence by the courts.
