The shuman law firm announces the filing of a class action lawsuit against broadwind energy, inc.

Boulder, colo.--(business wire)--the shuman law firm today announced that a class action lawsuit has been filed 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) between march 17, 2009 and august 9, 2010, inclusive (the "class period"). if you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact kip b. shuman or rusty e. glenn toll free at (866) 974-8626 or email mr. shuman at kip@shumanlawfirm.com or mr. glenn at rusty@shumanlawfirm.com. the complaint alleges that broadwind and certain of its officers and directors violated federal securities laws by failing to disclose that: (i) broadwind's rba subsidiary was experiencing significant issues with key contracts; (ii) 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; (iii) as a result of the above, broadwind's financial statements were not prepared in accordance with generally accepted accounting procedures; (iv) broadwind was experiencing a reduction in demand from its customers; and (v) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about broadwind. on august 9, 2010, broadwind announced its financial results for the second quarter of 2010. for the quarter, the company reported revenues of $36.6 million and a net loss of $14.2 million or $0.13 per share. on this news, the price of broadwind's stock fell 12%, to close at $2.50 per share. if you purchased broadwind common stock during the class period, you may request that the court appoint you as lead plaintiff of the class no later than april 12, 2011. 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. the shuman law firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.
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