Abraham, fruchter & twersky, llp announces filing of class action lawsuit against broadwind energy, inc.

New york--(business wire)--abraham, fruchter & twersky, llp announces that a class action lawsuit has been filed in the united states district court for the northern district of illinois on behalf of a class (the “class”) of investors who purchased broadwind energy, inc. (“broadwind” or the “company”) (nasdaq:bwen) common stock between the period of march 17, 2010 through august 9, 2010. the complaint alleges broadwind and certain of its officers and directors with violating the 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) the company was experiencing a reduction in demand from its customers; (iv) broadwind’s financial statements were not prepared in accordance with generally accepted accounting procedures; and (v) defendants lacked a reasonable basis for their positive statements about the company and its prospects. as a result, the company’s statements concerning its business prospects and financial performance were materially false and misleading at all relevant times. on august 9, 2010, the company issued a press release announcing its financial results for the second quarter of 2010, the period ending june 30, 2010. for the quarter, the company reported lower than expected revenues of $36.6 million and a net loss of $14.2 million or $.13 per share. in a reaction to this news, shares of bwen common stock fell $0.35 per share to close on august 9, 2010 at $2.50 per share, representing a drop of 12%. if you purchased bwen common stock between march 17, 2010 through august 9, 2010 and you wish to serve as lead plaintiff in this action, you must move the court no later than april 12, 2011. any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class. if you would like to discuss this action or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: jack g. fruchter or arthur j. chen of abraham, fruchter & twersky, llp toll free at (800) 440-8986, or via e-mail at info@aftlaw.com or achen@aftlaw.com. abraham, fruchter & twersky, llp has extensive experience in securities class action cases, and the firm has been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by institutional shareholder services. attorney advertising. prior results do not guarantee a similar outcome.
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