NEW YORK, Jan. 14, 2010 (GLOBE NEWSWIRE) -- Tuesday is the deadline for investors in Northwest Pipe Company ("Northwest Pipe" or the "Company") (Nasdaq:NWPX) to ask the Court to appoint you as lead plaintiff for the class. Pomerantz Haudek Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") filed a class action lawsuit in the United States District Court, Western District of Washington, against the Company and certain of its top officials. The class action (09-CV-05724-RBL) was filed on behalf of purchasers of the securities of the Company between April 23, 2008 and November 11, 2009, both dates inclusive, (the "Class Period"). 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. 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%.
Shareholders outside the United States may join the action, regardless of where they live or which exchange was used to purchase the securities. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Teresa L. Webb at (firstname.lastname@example.org) or 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, with offices in New York, Chicago, Washington, D.C., Columbus, Ohio and Burlingame, California, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
CONTACT: Pomerantz Haudek Grossman & Gross LLP Teresa Webb (888) 476.6529 (888) 4.POMLAW email@example.com