Update In The Shareholder Class Action Lawsuit Against Novatel Wireless, Inc. (NASDAQ:NVTL)

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) October 8, 2008 -- There is a deadline coming up in the shareholder lawsuit against Novatel Wireless, Inc. (NASDAQ:NVTL) over allegedly false and misleading statements. The deadline will expire on November 14, 2008.

If you purchased or otherwise acquired securities of Novatel Wireless, Inc. (NASDAQ:NVTL) between February 5th, 2007 and August 19th, 2008, you have certain rights and there are strict and short deadlines running (November 14th, 2008). You should immediately contact the Shareholders Foundation, Inc.! If you are a current shareholder of Novatel Wireless, Inc. (NASDAQ:NVTL) you should also contact the Shareholders Foundation, Inc.!

Email: Mail@ShareholdersFoundation.com

or Call us TODAY!

Phone: +1-(858)-779-1554

On Tuesday, September 16th, 2008, a shareholder has filed a proposed class action lawsuit in the United States District Court for the Southern District of California on behalf all persons or entities who purchased or otherwise acquired securities of Novatel Wireless, Inc. (NASDAQ:NVTL) between February 5th, 2007 and August 19th, 2008 against Novatel and certain of its executive officers over allegedly material omissions and dissemination of materially false and misleading statements. According to the complaint the plaintiff alleges that Novatel Wireless, Inc. and certain of its executive officers violated federal securities laws, in particular violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and S.E.C. Rule 10b-5. Among other things, the plaintiff claims defendants’ material omissions and dissemination of materially false and misleading statements concerning the Novatel Wireless, Inc.’s financial performance and prospects caused Novatel Wireless Inc.’s stock price to become artificially inflated and damaged investors. The stockholder alleges that between February 5, 2007 and August 19, 2008 defendants knew or recklessly disregarded that their public statements concerning Novatel’s financial performance were materially false and misleading. The lawsuit alleges that throughout most of the Class Period between February 5, 2007 and August 19, 2008, defendants issued favorable revenue guidance and touted the Novatel Wireless, Inc.’s financial performance and prospects. Then according to the complaint on August 19th, 2008, following the close of trading Novatel Wireless shocked investors when it issued a press release and the plaintiff alleges that Novatel disclosed for the first time that this was not a minor accounting issue and that there was a possibility that the Notatel may have to restate its audited financial statements for the 2007 fiscal year. As a result of this news, shares of Novatel declined $2.11 per share, more than 25%, to close on August 20, 2008 at $6.29 per share, on unusually heavy volume, so the lawsuit.

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