>Northwest Pipe Company
Date Filed: November 23, 2009
Court: United States District Court
Location: Washington
Ticker Symbol: NWPX
The Seattle law firm Hagens Berman Sobol Shapiro filed a lawsuit against Northwest Pipe Company (NASDAQ:NWPX) and certain of its top officials on behalf of purchasers of the company's securities between April 23, 2008 and Nov. 11, 2009 (the "Class Period").
The complaint alleges Northwest Pipe violated Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 by issuing materially false and misleading statements regarding the company's business and financial results during the Class period.
Specifically, the complaint alleges the defendants overstated the company's revenues and earnings by failing to recognize revenues in accordance with Generally Accepted Accounting Principles. As a result of the challenged statements, Northwest Pipe common stock traded at artificially inflated prices throughout 2008 and 2009.
On Nov. 11, 2009, Northwest Pipe announced that it was delaying the filing of its Quarterly Report for the quarter ended Sept. 30, 2009, pending the conclusion of an ongoing internal investigation of certain accounting matters. On Nov. 12, 2009, the company's stock dropped $4.49 per share to close at $26.74, a one-day decline of 14.37%. Since the class actions were filed, very little news has come from the Company on their financial condition or when such information will become available.
Hagens Berman Sobol Shapiro is calling to represent shareholders of Northwest Pipe. To serve as lead plaintiff, you must move the Court no later than Jan. 19, 2010. If you wish to discuss such participation or have questions concerning this notice or your rights, please contact Reed Kathrein at Hagens Berman Sobol Shapiro at 510-725-3000 or via e-mail at nwpx@hbsslaw.com
Court: United States District Court
Location: Washington
Ticker Symbol: NWPX
The Seattle law firm Hagens Berman Sobol Shapiro filed a lawsuit against Northwest Pipe Company (NASDAQ:NWPX) and certain of its top officials on behalf of purchasers of the company's securities between April 23, 2008 and Nov. 11, 2009 (the "Class Period").
The complaint alleges Northwest Pipe violated Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 by issuing materially false and misleading statements regarding the company's business and financial results during the Class period.
Specifically, the complaint alleges the defendants overstated the company's revenues and earnings by failing to recognize revenues in accordance with Generally Accepted Accounting Principles. As a result of the challenged statements, Northwest Pipe common stock traded at artificially inflated prices throughout 2008 and 2009.
On Nov. 11, 2009, Northwest Pipe announced that it was delaying the filing of its Quarterly Report for the quarter ended Sept. 30, 2009, pending the conclusion of an ongoing internal investigation of certain accounting matters. On Nov. 12, 2009, the company's stock dropped $4.49 per share to close at $26.74, a one-day decline of 14.37%. Since the class actions were filed, very little news has come from the Company on their financial condition or when such information will become available.
Hagens Berman Sobol Shapiro is calling to represent shareholders of Northwest Pipe. To serve as lead plaintiff, you must move the Court no later than Jan. 19, 2010. If you wish to discuss such participation or have questions concerning this notice or your rights, please contact Reed Kathrein at Hagens Berman Sobol Shapiro at 510-725-3000 or via e-mail at nwpx@hbsslaw.com
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