San Diego, CA -- (SBWIRE) -- 01/31/2012 -- The Shareholders Foundation announces that an investigation for current investors in shares of Northwest Pipe Company (NASDAQ:NWPX) was initiated over potential breaches of fiduciary duties by certain directors and officers of Northwest Pipe Co in connection with possible Nasdaq stock Market stock listing compliance issues.
Investors who purchased shares of Northwest Pipe Company (Public, NASDAQ:NWPX) and currently hold those NASDAQ: NWPX shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Northwest Pipe Company (NASDAQ:NWPX) stocks follows a lawsuit filed by shareholders who purchased their NASDAQ:NWPX shares only between April 23, 2008 and November 11, 2009. According to that complaint filed in the United States District Court, Western District of Washington the plaintiff alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 by the Northwest Pipe Company and certain of its top officials. The Complaint alleges that between April 23, 2008 and November 11, 2009 defendants issued materially false and misleading statements regarding the Northwest Pipe's business and financial results.
Specifically, the plaintiff alleges the defendants overstated Northwest Pipe’s revenues and earnings by failing to recognize revenues in accordance with Generally Accepted Accounting Principles and as a result of the challenged statements, Northwest Pipe common stock traded between April 23, 2008 and November 11, 2009, at artificially inflated prices.
Then in November 2009, Northwest Pipe 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, Northwest Pipe Company (NWPX) fell 14% or $4.49 and closed at $26.74 after the maker of welded steel pipes said it has delayed the release of its third-quarter financial results. Northwest Pipe Company announced that the financial report for the three months ended September 30 has been delayed "pending the conclusion of an ongoing internal investigation of certain accounting matters, including certain revenue recognition practices." The investigation is being conducted by the board of directors' audit committee and independent professionals, . Northwest Pipe Company said. Northwest Pipe plans to publish the results "as soon as practicable" after the investigation and any further accounting work that may be needed.
Those who purchased shares of Northwest Pipe Company (Public, NASDAQ:NWPX) and currently hold those NASDAQ:NWPX shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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