Case Page

 

Case Status:    DISMISSED    
On or around 06/30/2011 (Court's order of dismissal)

Filing Date: November 26, 2008

According to a press release dated November 26, 2008, the complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements were materially false and misleading.

Specifically, the Complaint alleges that defendants' public statements were false and misleading or failed to disclose or indicate the following: (1) that in regard to certain acquired assets, the Company was improperly applying a rate of depreciation for financial reporting purposes that did not consider the length of time the assets were in service prior to being acquired; (2) that the Company was improperly capitalizing and depreciating costs associated with installing water and sewer taps in Texas and Mississippi but recognizing the related tap fee revenue when received, instead of expensing the costs as incurred and recognizing the related revenue in the period the tap was actually installed; (3) that, as a result of the above, depreciation expense related to assets acquired by acquisition since 2000 had been understated on the Company's consolidated financial statements, expenses related to the installation of water and sewer taps in Texas and Mississippi had been understated, and certain assets and related depreciation were overstated; (4) that as such, the Company misstated its financial results during the Class Period; (5) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles;(6) that the Company lacked adequate internal and financial controls; and (7) that as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On February 12, 2009, a Motion for Consolidation of Related Actions, Appointment of Lead Plaintiff and Approval of Lead Plaintiff's Selection of Co-Lead Counsel was Granted.

On October 15, 2009, a Consolidated Amended Class Action Complaint was filed by the plaintiffs in this action against the defendants.

On July 30, 2010, a Second Consolidated Amendeded Class Action Complaint for Violations of The Federal Securities Laws against Defendants was filed by the Lead Plaintiffs.

The Court released an Order on August 19, 2010, granting a motion to dismiss one of the named defendants with prejudice.

On June 30, 2011, the Court issued an order granting the Defendant's Motion to Dismiss the Plaintiff's Second Amended Complaint.

COMPANY INFORMATION:

Sector: Utilities
Industry: Water Utilities
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SWWC
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 08-CV-07844
JUDGE: Hon. Jacqueline H. Nguyen
DATE FILED: 11/26/2008
CLASS PERIOD START: 03/16/2006
CLASS PERIOD END: 11/09/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Khang & Khang LLP
    1901 Avenue of the Stars, 2nd Floor, Khang & Khang LLP, CA 90067
    310.461.1342 310.461.1342 ·
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 08-CV-07844
JUDGE: Hon. Jacqueline H. Nguyen
DATE FILED: 10/15/2009
CLASS PERIOD START: 05/10/2005
CLASS PERIOD END: 11/10/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (Washington DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen Milstein Sellers & Toll PLLC (Washington DC), DC 20005
    202.408.4600 202.408.4600 ·
  2. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
No Document Title Filing Date
No Document Title Filing Date