Northwest Pipe Company 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 are also used for hydroelectric power systems, wastewater systems and other applications.

According to a press release dated November 20, 2009, a class action lawsuit has been filed against Northwest Pipe and certain of its top officials. The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 promulgated thereunder. Specifically, the Complaint alleges that throughout the Class Period, Defendants issued materially false and misleading statements regarding the Company's business and financial results. 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.

On November 11, 2009, the Company announced that it was delaying the filing of its Quarterly Report for the quarter ended September 30, 2009, pending the conclusion of an ongoing internal investigation of certain accounting matters. On November 12, 2009, the Company's stock dropped $4.49 per share to close at $26.74, a one-day decline of 14.37%.

On February 25, 2010, the Court issued an order appointing lead Plaintiff and lead Counsel.

On December 20, 2010, a Consolidated Class Action Complaint was filed by the lead Plaintiffs against the Defendants.

On August 26, 2011, the Court issued an Order Denying the Defendant's Motion to Dismiss the Plaintiffs Amended Complaint.

On May 4, 2012, the Plaintiffs filed a Consolidated Amended Complaint.

On September 24, 2012, the parties entered into a Stipulation of Settlement. On November 27, 2012, the Court issued an Order Preliminarily Approving Settlement and Providing for Notice.

On March 22, 2013, the Court issued an Order approving the Plan of Allocation of the Settlement proceeds. This was followed by an Order awarding attorneys' fees and expenses. The Court then issued a Final Judgment and dismissed this case with prejudice.