WFI Announces Dismissal of Shareholder Class Action Lawsuit
SAN DIEGO, March 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- WFI (Nasdaq: WFII), a global leader in the design, deployment, and management of wireless communication networks, technology networks and security systems, announced today that the United States District Court for the Southern District of California has dismissed, with leave to amend, claims against the Company and certain officers and directors in the consolidated shareholder class action lawsuits filed starting in August, 2004. The suits are related to a class period from May 5, 2003 through August 4, 2004. WFI's motion to dismiss the second amended consolidated class action complaint was granted and the action was dismissed by the order of the Honorable John A. Houston, United States District Judge for the Southern District of California. The court gave the plaintiffs 45 days to amend their complaint.
"WFI is extremely pleased with the decision of the court," said Eric Demarco, President and CEO of WFI. "We have always believed that the plaintiff's case lacked merit, and we look forward to putting this issue behind us and moving forward with our business efforts."
About WFI
Headquartered in San Diego, CA, WFI is an independent provider of systems engineering, network services and technical outsourcing for the world's largest wireless carriers, enterprise customers and for government agencies. The company provides the design, deployment, integration, and the overall management of wired and wireless networks which deliver voice and data communication, and which support advanced security systems. WFI has performed work in over 100 countries since its founding in 1994. News and information are available at www.wfinet.com. (code: WFI-mb)
Notice Regarding Forward-Looking Statements
This news release contains certain forward-looking statements including, without limitation, expressed or implied statements concerning the Company's expectations regarding anticipated operating results for 2005, future financial performance and cash flows and market developments that involve risks and uncertainties. Such statements are only predictions, and the Company's actual results may differ materially. Factors that may cause the Company's results to differ include, but are not limited to: changes in the scope or timing of the Company's projects; slowdowns in telecommunications infrastructure spending in the United States and globally, which could delay network deployment and reduce demand for the Company's services; the timing, rescheduling or cancellation of significant customer contracts and agreements, or consolidation by or the loss of key customers; failure to successfully consummate acquisitions or integrate acquired operations; the rate of adoption of telecom outsourcing by network carriers and equipment suppliers; the rate of growth of adoption of WLAN and wireless security systems by enterprises; and competition in the marketplace which could reduce revenues and profit margins. The Company undertakes no obligation to update any forward-looking statements. These and other risk factors are more fully discussed in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 and in other filings made with the Securities and Exchange Commission.
Contact: Michael Baehr VP of Corporate Communications & Investor Relations Wireless Facilities, Inc. 858.228.2799 Direct michael.baehr@wfinet.com
SOURCE Wireless Facilities, Inc.
Michael Baehr, VP of Corporate Communications & Investor Relations of Wireless Facilities, Inc., +1-858-228-2799, michael.baehr@wfinet.com
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