Aviat Networks, Inc.
Robbins Umeda LLP Announces an Investigation of Aviat Networks, Inc. for Shareholders
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.
The investigation focuses on whether the directors and officer 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%.
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