NWPX Class Action Notice of Right to Move to be Lead Plaintiff due January 19, 2010 and Update
The Seattle law firm Hagens Berman Sobol Shapiro (HBSS) reminds investors that they have the right to move to be the lead plaintiff in a lawsuit against Northwest Pipe Company ("Northwest Pipe" or the "Company") (NASDAQ:NWPX) and certain of its top officials. HBSS filed the suit on behalf of purchasers of the Company's securities between April 23, 2008 and Nov.11, 2009 (the "Class Period").
To serve as lead plaintiff, you must move the Court no later than Jan. 19, 2010. Hagens Berman, whose headquarters is in Seattle, where the lawsuit was filed, is investigating further the facts and the allegations in the suit, and is prepared to discuss lead plaintiff status with qualified investors who are willing to represent the class's interests. 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.
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.
The complaint alleges defendants 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 the Class Period.
About Hagens Berman Sobol Shapiro
Hagens Berman Sobol Shapiro LLP is a shareholder-rights law firm with its headquarters in Seattle and offices in San Francisco, Seattle, Chicago, Boston, Los Angeles, and Phoenix. Since 1993, HBSS has recovered hundreds of millions of dollars for institutional and individual investors defrauded by unscrupulous management of publicly held corporations through tenacious legal representation. More about the law firm and its successes can be found at www.hbsslaw.com.
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