LOS ANGELES, Dec. 28, 2009 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased the securities of Northwest Pipe Company ("Northwest Pipe" or the "Company") (Nasdaq:NWPX) between April 23, 2008 and November 11, 2009, inclusive (the "Class Period"), have only 22 days until the January 19, 2010, deadline to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case filed by Glancy Binkow & Goldberg LLP, Richard v. Northwest Pipe Company, et al., No. 09-cv-05724-RBL, has been assigned to the Honorable Ronald B. Leighton, United States District Judge for the Western District of Washington.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
Northwest Pipe manufactures and markets large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, primarily related to drinking water systems. Its pipeline systems also are used for hydroelectric power systems, wastewater systems and other applications. The Complaint charges Northwest Pipe and certain of the Company's executive officers with violations of the Securities Exchange Act of 1934, and further 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 shocked investors when it 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 the Company's Audit Committee into certain accounting matters, including revenue recognition practices.
As a result of this news, the price of Northwest Pipe stock dropped $4.49 per share from the previous day's closing price, to close on November 12, 2009, at $26.74 per share -- a one-day decline of more than 14%, on unusually heavy trading volume.
The Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case. Any person or group who suffered a loss as a result of purchasing Northwest Pipe securities between April 23, 2008 and November 11, 2009, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the January 19, 2010 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing shareholders of Northwest Pipe in this litigation.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lionel Z. Glancy
Michael Goldberg
(310) 201-9150
(888) 773-9224
shareholders@glancylaw.com
www.glancylaw.com
