Israel’s Ceragon Networks Ltd., a wireless hauling specialist, was served with a motion to approve a class action suit which names the Company, its Chief Executive Officer and its directors as defendants. The motion was filed with the District Court of Tel Aviv (Economic Department), on behalf of holders of ordinary shares, including those who purchased shares during the period following the Company’s follow on public offering in July 2014.
The purported class action alleges breaches of duties on the company’s part by the making of false and misleading statements in Ceragon’s SEC filings and public statements. Although the motion has just been brought to the Company’s attention, based on an initial review, Ceragon stated that it believes that the District Court should deny the motion and intends to aggressively oppose it.
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On July 30th, 2014, Ceragon announced the pricing of an underwritten public offering of 21, 250, 000 of its ordinary shares at $2.00 per share. Today it is trading at $1 per share.
Ceragon Networks Ltd. a wireless hauling specialist. It states that the company provides innovative, flexible and cost-effective wireless backhaul and fronthaul solutions that enable mobile operators and other wired/wireless service providers to deliver 2G/3G, 4G/LTE and other broadband services to their subscribers. Ceragon’s high-capacity solutions use microwave technology to transfer voice and data traffic while maximizing bandwidth efficiency, to deliver more capacity over longer distances under any deployment scenario.
