There are two separate issues here.. one is local causality (whether or not information can be transmitted faster than light) and the other is the shape of the wavefunction.
As to the second point, there's a simple answer: it's true that the solution to Schrödinger's equation with no electrostatic potential is a constant wave that extends infinitely; any other function would not be a stationary state and would evolve over time. In reality, particles are created at some point in time with a range of energies, so the wavefunction is initially formed as a wave-packet with a "coherence length". Within this coherence length the particle behaves as a wave and can exhibit interference effects, but outside it behaves as a particle and reproduces classical behaviour. Since this wave-packet is not a stationary solution of the Schrödinger equation it will evolve over time the same way ordinary waves do so in a dispersive medium. Since the coherence length is limited by external "noise" (random fluctuations in the external potential), whether its other particles, or, in a material, defects or impurities, it is impossible to get a single wavefunction that extends infinitely through space.
For the first point, the situation is a little trickier. Speaking purely formally, the wavefunction can exist outside of the light cone, so even if you introduce a finite speed of light built-in to the theory, your particle will be able to break this spead limit with exponential probability. However this is purely an illusion... if you work in the Heisenberg picture, you find that all particle operators commute or anticommute at spacelike separations, and you prevent your theory from violating local causality.