A class action lawsuit was 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 alleges 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%.