HAGENS BERMAN

Class Period: May 3, 2011 - November 8, 2011

Hagens Berman is investigating Powell Industries, Inc. (“Powell” or the “Company”) (NASDAQ GS: POWL) concerning possible securities fraud affecting investors who purchased POWL stock between May 3, 2011 and November 8, 2011.

On November 8, 2011, Powell Industries announced it would restate its financial results for the second and third quarters of 2011 due to accounting errors, and that the financial statements for these quarters could no longer be relied upon. According to the company, accounting errors in recording customer change orders and erroneous journal entries, among other issues, led to the company’s overstatement of earnings.

News of the overstatement sent the shares of the company falling nearly 20 percent in after-hours trading.

The Company claims that these accounting errors were not known in September when the Company terminated their CEO and put in place a new Chief Accounting Officer.

Persons with knowledge that may help the investigation are encouraged to contact the firm. The SEC recently finalized new rules as part of its implementation of the whistleblower provisions in the Dodd-Frank Wall Street Reform Bill. The new rules protect whistleblowers from employer retaliation and allow the SEC to reward those who provide information leading to a successful enforcement with up to 30 percent of the recovery.

Hagens Berman Partner Reed R. Kathrein is leading the firm’s investigation and can be reached at (510) 725-3000. The firm can be contacted online by clicking here.