Seeks compensatory and punitive damages in excess of $75 million from BWA vendor Alvarion
October 4, 2004
MOUNTAIN VIEW, Calif. -- InterWave Communications (NASDAQ:IWAV), today announced that it is filing a complaint today against Alvarion Ltd. in the United States District Court for the Southern District of New York.
The Complaint alleges, among other things, that Alvarion breached the agreement and plan of amalgamation pursuant to which InterWave was to be acquired by Alvarion. As previously announced by InterWave on October 1, 2004, InterWave advised Alvarion in writing that InterWave believes there is no material adverse effect or any other basis, legal or otherwise, for Alvarion to not comply with its obligations under the agreement.
InterWave further advised Alvarion that InterWave remains prepared to consummate the amalgamation according to the terms of the agreement as scheduled and views Alvarion's refusal to go forward with the amalgamation according to these terms as a material breach of the agreement. The complaint seeks specific performance of the amalgamation agreement and seeks compensatory and punitive damages in excess of $75 million.
InterWave Communications International Ltd.
Alvarion Ltd.
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