SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

February 15, 2011 13:00 ET

Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased Broadwind Energy, Inc. Common Stock Between 3/17/09 and 8/9/10; Announces Upcoming Investor Deadline (BWEN)

DENVER, CO--(Marketwire - February 15, 2011) - Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the Northern District of Illinois on behalf of investors who purchased Broadwind Energy, Inc. ("Broadwind" or the "Company") (NASDAQ: BWEN) common stock between March 17, 2009 and August 9, 2010, inclusive (the "Class Period"). 

What actions may I take at this time? If you purchased shares during the Class Period and wish to serve as a lead plaintiff, you must request appointment by the court no later than April 12, 2011. If you would like to discuss this action, the lead plaintiff process, or have any questions concerning this notice, please contact plaintiff's counsel, Jeffrey A. Berens, Esq. at (888) 300-3362 x302 or via email at jeff@dyerberens.com. Any member of the putative class may request a lead plaintiff appointment through counsel of its choice or may choose to do nothing and remain an absent class member. 

What are the allegations in the complaint? The complaint charges that, throughout the Class Period, defendants' public statements were materially false and misleading. Specifically, the complaint alleges that: (a) Broadwind's RBA subsidiary was experiencing significant issues with key contracts; (b) Broadwind 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; (c) as a result of the above, Broadwind's financial statements were not prepared in accordance with Generally Accepted Accounting Procedures and, therefore, were materially false and misleading; (d) the Company was experiencing a reduction in demand from its customers; and (e) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects. Based upon the foregoing, the complaint charges Broadwind and certain of its officers with violations of the Securities Exchange Act of 1934. 

About Dyer & Berens LLP. The plaintiff is represented by several law firms, including Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. 

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362 x302
    Email: Email Contact
    Website: www.DyerBerens.com