Key Developments For Northwest Pipe Co
Northwest Pipe Co (NWPX.O) (Nasdaq)
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Northwest Pipe Company
Glancy Binkow & Goldberg LLP announced that it has filed a class action lawsuit in the United States District Court for the Western District of Washington on behalf of a class (the Class) consisting of all persons or entities who purchased the securities of Northwest Pipe Company between April 23, 2008 and November 11, 2009, inclusive (the Class Period). The Complaint charges the Company and certain of its executive officers with violations of federal securities laws. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Northwest Pipe`s business and financial performance were materially false and misleading. Specifically, defendants overstated the Company`s revenues and earnings by failing to recognize revenues in accordance with Generally Accepted Accounting Principles (GAAP). On November 12, 2009, Northwest Pipe shocked investors when it announced that the Company was delaying the filing of its Quarterly Report for the quarter ended September 30, 2009, pending the conclusion of an ongoing internal investigation being conducted by the Company`s Audit Committee into certain accounting matters, including revenue recognition practices. As a result of this news, the price of Northwest Pipe stock dropped $4.49 per share from the previous day's closing price, to close on November 12, 2009, at $26.74 per share - a one-day decline of more than 14%, on unusually heavy trading volume.
Law Offices Of Howard G. Smith Announces Investigation On Behalf Of Shareholders Of Northwest Pipe Company
Law Offices of Howard G. Smith announced that it is investigating potential claims against Northwest Pipe Company concerning possible securities violations related to its public statements regarding its operations and financial performance. Northwest Pipe Company manufactures welded steel pipe and other products, including large diameter, high-pressure steel pipe products that are used for water infrastructure in North America and smaller diameter steel pipe for applications including construction, agricultural, energy, traffic and other commercial and industrial uses. The investigation concerns the Company's November 12, 2009, announcement that it has delayed filing of its Quarterly Report on Form 10-Q for quarter ended September 30, 2009, pending the conclusion of an ongoing internal investigation of certain accounting matters, including certain revenue recognition practices, being conducted by the Audit Committee of the Board of Directors. According to the statement, the Company plans to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2009, and publish final third quarter results as soon as practicable after the completion of the Audit Committee's investigation and the completion of the additional accounting work, if any, required as a result of the Audit Committee's investigation. As a result of this news, shares of Northwest Pipe declined approximately 14%, to close on November 12, 2009, at $26.74 per share on unusually heavy trading volume.
Northwest Pipe Company Announces $12 Million Order
Northwest Pipe Company announced that it has received a commitment from COP Construction, LLC, to supply pipe for the Spanish Fork Pipeline - Springville Reach project, owned by the Central Utah Water Conservancy District, to furnish approximately 25,000 linear feet of 60" steel water pipe and fittings. The value of the pipe order is approximately $12,000,000. The pipe will be manufactured at the Adelanto California facility of Northwest Pipe Company. Delivery will begin in the fourth quarter of 2009.
Northwest Pipe Company Announces $6.2 Million Order
Northwest Pipe Company announced that it has received a commitment from S.J. Louis Construction Company to supply pipe for the Raw Water Pipeline project, owned by Brushy Creek Regional Utility Authority, to furnish approximately 24,000 linear feet of 78 steel water pipe and fittings. The value of the pipe order is approximately $6,200,000. The pipe will be manufactured at the Saginaw facility of Northwest Pipe Company. Delivery will begin in the fourth quarter 2009.
Northwest Pipe Company Announces $11 Million Order
Northwest Pipe Company announced that it has received a commitment from Oscar Renda Contracting of Roanoke, TX to supply pipe for the Bi-County Water Tunnel for the Washington Suburban Sanitation Commission. The Company will supply approximately 29,000 feet of 84" steel pipe valued at approximately $11 million for an engineered and custom fabricated piping system. The pipe is expected to be manufactured in the Company's Parkersburg, West Virginia division with delivery scheduled in the first quarter of 2011.
