Harris Stratex Networks, Inc HSTX Securities Fraud

September 15 2008 - by Lucy Campbell

Company:	Harris Stratex Networks, Inc
Ticker Symbol:	HSTX
Class Period:	Jan-29-07 to Jul-30-08
Date Filed:	Sep-15-08
Lead Plaintiff Deadline:	Nov-14-08
Court:	District of Delaware
Allegations:

A class action lawsuit was filed 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 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.

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.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Harris Stratex Networks, Inc HSTX Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Harris Stratex Networks, Inc securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.