PRLog - April 4, 2011 - SAN DIEGO -- An investigation on behalf of investors in Aviat Networks, Inc. (NASDAQ:AVNW, formerly Harris Stratex Networks, Inc) shares over breaches of fiduciary duties by certain officers and directors at Aviat Networks, Inc. was announced.
If you purchased shares of Aviat Networks, Inc. (NASDAQ:AVNW)
The investigation by a law firm focuses on whether the directors and officers of Aviat harmed the company by issuing false and misleading financial statements from 2005 to 2008, potentially exposing the company to federal securities violations.
Aviat Networks’ 12months Total Revenue decreased from $718.40million reported on June 27, 2008 to $478.90million reported on July 02, 2011. Its Net Loss increased from a Net Loss of $11.90million reported on June 27, 2008 to a Net loss of $130.20million reported on July 2, 2011.
Currently, Aviat Networks, Inc is defending itself against a lawsuit filed on behalf of investors who purchased the common stock of Harris Stratex Networks, Inc. common stock only during the period from January 29, 2007 and July 30, 2008. The current investigation is also on behalf of current long term investors in Harris Stratex Networks, Inc. (NASDAQ:AVNW)
On July 30, 2008, Harris Stratex Networks announced that it had discovered accounting errors which rendered its previously issued financial statements to be incorrect. According to the announcement, Harris Stratex Networks restated earnings reports from 2005 through the present. Harris Stratex Networks reported these accounting errors will cut previously reported pre-tax income by $18 million to $25 million. As a result of the restatement, Harris Stratex Networks 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 almost 35%.
During April 2010 shares of Aviat Networks, Inc., formerly Harris Stratex Networks, Inc, traded as high as $7.27 per share, but the fell to $3.50 per share in July 2010.
During February 2011 AVNW shares reached $6.37 per share.
However Harris Stratex Networks shares traded during 2008 over $15 and during 2007 at almost $20 per share. Thus AVNW shares recently traded at slight above 30% of its 2007 value.
Those who purchased shares of Aviat Networks, Inc. (Public, NASDAQ:AVNW)
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