SOURCE: Brower Piven, A Professional Corporation

February 23, 2011 17:02 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $150,000 From Investment in Broadwind Energy, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 12, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - February 23, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of the common stock of Broadwind Energy, Inc. ("Broadwind" or the "Company") (NASDAQ: BWEN) during the period between March 17, 2009 and August 9, 2010, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 12, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses Broadwind and certain of its officers of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that Broadwind, in contravention of Generally Accepted Accounting Procedures, 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. According to the complaint, after the Company issued a press release on August 9, 2010 reported lower than expected revenues of $36.6 million and a net loss of $14.2 million or $.13 per share for the second quarter of 2010, the period ending June 30, 2010, the value of Broadwind stock declined significantly.

If you have suffered a net loss for all transactions in Broadwind Energy, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    Email Contact