Northwest Pipe Settles Accounting Fraud Case For $12.5M
Law360, New York (October 23, 2012, 9:43 PM ET) --Northwest Pipe Co. agreed Tuesday to pay $12.5 million to settle a putative class action alleging the pipe manufacturer and two former top executives perpetrated a massive accounting fraud that artificially inflated its earnings and stock price.
According to a motion for court approval of the settlement, investors who sued Northwest in 2009 concluded after negotiations with a mediator that the settlement “is a very good result and is in the best interests of the class.” As part of the settlement, the parties agreed to certify a class consisting of all persons who purchased Northwest stock between April 2, 2007, and Dec. 22, 2011.
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