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NOVATEL WIRELESS : NVTL: Third Class Action lawsuit

luyckxj
17 sept. 200819:17

LOS ANGELES, Sept. 16, 2008 (GLOBE NEWSWIRE)
-- Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a Class Action lawsuit in the United States District Court for the Southern District of California on behalf of a class (the ``Class'') consisting of all persons or entities who purchased or otherwise acquired the securities of Novatel Wireless, Inc. (``Novatel'' or the ``Company'') (NasdaqGS:NVTL - News) between February 5, 2007 and August 19, 2008, inclusive (the ``Class Period'').

A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at http://www.glancylaw.com.

The Complaint charges Novatel and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning the Company's financial performance and prospects caused Novatel's stock price to become artificially inflated, inflicting damages on investors. Novatel Wireless, Inc. provides wireless broadband access solutions for the mobile communications market worldwide. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Novatel's financial performance were materially false and misleading. Specifically, the Complaint alleges that defendants' public statements failed to disclose or indicate the following: (1) that the Company improperly recognized revenue in violation of its own revenue cut-off procedures; (2) that, as a result of this improper revenue recognition, the Company misstated its financial results during the Class Period; (3) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles (GAAP); (4) that the Company lacked adequate internal and financial controls; and (5), as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

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