BOULDER, Colo., Dec. 16, 2009 (GLOBE NEWSWIRE) -- Advertising Material -- The Shuman Law Firm today announced that a class action lawsuit has been commenced in the United States District Court for the Western District of Washington on behalf of purchasers of the securities of Northwest Pipe Company ("Northwest Pipe" or the "Company") (Nasdaq:NWPX) during the period between April 23, 2008 and November 11, 2009, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Complaint charges Northwest Pipe and certain of its officers and directors with violating federal securities laws. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Northwest Pipe's business and financial performance were materially false and misleading. Specifically, defendants overstated the Company's revenues and earnings by failing to recognize revenues in accordance with Generally Accepted Accounting Principles ("GAAP").
On November 12, 2009, Northwest Pipe announced that the Company was delaying the filing of its Quarterly Report for the quarter ended September 30, 2009, pending the conclusion of an ongoing internal investigation being conducted by Northwest Pipe's Audit Committee into certain accounting matters, including revenue recognition practices. On this news, the price of Northwest Pipe stock dropped $4.49 per share from the previous day, to close at $26.74 per share on November 12, 2009 -- a one-day drop of more than 14%.
If you purchased Northwest Pipe common stock between April 23, 2008 and November 11, 2009, you may request that the Court appoint you as lead plaintiff of the Class no later than January 19, 2010. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.
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