SOURCE: Izard Nobel LLP

December 02, 2009 15:53 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Northwest Pipe Company

WEST HARTFORD, CT--(Marketwire - December 2, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Western District of Washington on behalf of those who purchased the securities of Northwest Pipe Company ("Northwest Pipe" or the "Company") (NASDAQ: NWPX) between April 23, 2008 and November 11, 2009, inclusive (the "Class Period").

The Complaint charges that Northwest Pipe and certain of its officers and directors violated 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 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 Northwest Pipe's Audit Committee into certain accounting matters, including revenue recognition practices. On this news, the price of Northwest Pipe stock dropped $4.49 per share from the previous day, to close at $26.74 per share on November 12, 2009 -- a one-day drop of more than 14%.

If you are a member of the class, you may, no later than January 19, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit:, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

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