Case Page

 

Case Status:    SETTLED
On or around 06/27/2013 (Date of order of final judgment)

Filing Date: February 11, 2011

According to a press release dated February 14, 2011, the Complaint alleges Broadwind and certain of its officers and directors with violating the federal securities laws by failing to disclose that: (i) Broadwind’s RBA subsidiary was experiencing significant issues with key contracts; (ii) Broadwind was materially overstating its financial condition by improperly delaying the recognition of the impairment of its goodwill and intangible assets related to its RBA subsidiary; (iii) the Company was experiencing a reduction in demand from its customers; (iv) Broadwind’s financial statements were not prepared in accordance with Generally Accepted Accounting Procedures; and (v) defendants lacked a reasonable basis for their positive statements about the Company and its prospects. As a result, the Company’s statements concerning its business prospects and financial performance were materially false and misleading at all relevant times.

On August 9, 2010, the Company issued a press release announcing its financial results for the second quarter of 2010, the period ending June 30, 2010. For the quarter, the Company reported lower than expected revenues of $36.6 million and a net loss of $14.2 million or $.13 per share.

In a reaction to this news, shares of BWEN common stock fell $0.35 per share to close on August 9, 2010 at $2.50 per share, representing a drop of 12%.

On July 7, 2011, the Court issued an Order appointing the Lead Plaintiff and approved of the choice of lead counsel.

On September 13, 2011, the Lead Plaintiff filed an Amended Complaint.

On April 19, 2012, the Court issued an Order granting in part and denying in part Defendants' motion to dismiss.

On May 15, 2012, a Plaintiff filed a Notice of Voluntary Withdrawal.

On March 6, 2013, the parties entered into a Stipulation of Settlement. According to a docket entry made on March 14, the Court preliminarily approved the Settlement.

On June 27, 2013, the Court entered a Final Judgment approving the Settlement and ordered this case dismissed with prejudice. On the same date, the Court also entered an Order awarding attorneys' fees and expenses.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Misc. Capital Goods
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BWEN
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: N.D. Illinois
DOCKET #: 11-CV-00991
JUDGE: Hon.James B. Zagel
DATE FILED: 02/11/2011
CLASS PERIOD START: 03/17/2009
CLASS PERIOD END: 08/09/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  2. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  3. Miller Law LLC
    115 S. LaSalle Street, Suite 2910, Miller Law LLC, IL 60603
    312.676.2665 · info@MillerLawLLC.com
  4. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 11-CV-00991
JUDGE: Hon.James B. Zagel
DATE FILED: 09/13/2011
CLASS PERIOD START: 03/16/2009
CLASS PERIOD END: 08/09/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Federman & Sherwood (Oklahoma City)
    10205 N. Pennsylvania, Federman & Sherwood (Oklahoma City), OK 73120
    405.235.1560 405.235.1560 ·
  2. James T. Crotty & Associates

    ·
No Document Title Filing Date