Case Page

 

Case Status:    SETTLED
On or around 05/08/2013 (Other)

Filing Date: November 20, 2009

According to a press release dated November 20, 2009, a class action lawsuit has been filed against Northwest Pipe Company 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.

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

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Constr. - Supplies & Fixtures
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NWPX
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: W.D. Washington
DOCKET #: 09-CV-05724
JUDGE: Hon. Ronald B. Leighton
DATE FILED: 11/20/2009
CLASS PERIOD START: 04/23/2008
CLASS PERIOD END: 11/11/2009
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. Pomerantz Haudek Block Grossman & Gross LLP (Chicago)
    10 South LaSalle Street, Suite 3505, Pomerantz Haudek Block Grossman & Gross LLP (Chicago), IL 60603
    312.377.1181 312.377.1181 ·
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  4. Zwerling Schachter & Zwerling LLP (Seattle)
    1904 Third Avenue, Suite 1030, Zwerling Schachter & Zwerling LLP (Seattle), WA 98101-1170
    206.223.2053. 206.223.2053. · inquiry@zsz.com
No Document Title Filing Date
COURT: W.D. Washington
DOCKET #: 09-CV-05724
JUDGE: Hon. Ronald B. Leighton
DATE FILED: 12/20/2010
CLASS PERIOD START: 04/02/2007
CLASS PERIOD END: 03/30/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman, LLP (Seattle New/Alternate)
    1918 8th Ave., Suite 3300, Hagens Berman, LLP (Seattle New/Alternate), WA 98101
    (206) 623-7292 (206) 623-0594 ·
  2. Robbins Geller Rudman & Dowd LLP (San Francisco)
    100 Pine Street, Suite 2600, Robbins Geller Rudman & Dowd LLP (San Francisco), CA 94111
    415.288.4545 415.288.4534 ·
No Document Title Filing Date
No Document Title Filing Date