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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of July 27, 2013 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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March 14, 2013 - The court preliminarily approved the settlement.
March 11, 2013 - A stipulation of settlement was filed by the parties.
April 19, 2012 - The court granted in part and denied in part the defendants' motion to dismiss.
November 18, 2011 - A motion to dismiss the amended complaint was filed.
September 13, 2011 - An amended complaint was filed.
February 11, 2011 - An investor in shares of Broadwind Energy Inc (NASDAQ: BWEN) filed a lawsuit in the U.S. District Court for the Northern District of Illinois against Broadwind Energy Inc over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff alleges that Broadwind Energy Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by failing to disclose between March 17, 2009 and August 9, 2010, material adverse facts about Broadwind Energy Inc’s true financial condition, business and prospects. Broadwind Energy Inc reported between 2006 and 2009 a substantial increase in its 12months Total Revenue.
While Broadwind Energy Inc reported $4.02million in 12months Total Revenue in 2006 it reported in 2008 $217.32million and in 2009 $197.83million. For the first three quarters in 2010 Broadwind Energy Inc reported a combined 9months Total Revenue of $97million. Shares of Broadwind Energy Inc (NASDAQ: BWEN) traded in April 09 as low as $6.15 per share but then increased until July 09 to $11.32 per share. BWEN shares fell during the next couple months to $5.56 in November before increasing to $9.74 in December 2009.
On March 12, 2010, Broadwind Energy Inc announced its financial results for the fourth quarter and fiscal year of 2009, the period ended December 31, 2009. For the quarter, Broadwind Energy Inc reported revenues of $32.9 million and a net loss of $92.6 million or $0.96 per basic and diluted share, including a goodwill and intangible charge of $82.2 million.
The plaintiff claims that in reaction to Broadwind Energy Inc’s weak 2009 fourth quarter results, shares of Broadwind Energy Inc fell $1.21 per share, or 21%, to close at $4.47 per share, on heavy trading volume.
Then, on August 9, 2010, Broadwind Energy Inc issued a press release announcing its financial results for the second quarter of 2010, the period ended June 30, 2010. For the quarter, Broadwind Energy Inc reported revenues of $36.6 million and a net loss of $14.2 million or $0.13 per share. The plaintiff alleges that in reaction to the disclosure of the continued weak demand for Broadwind Energy Inc’s products, the price of Broadwind Energy Inc’s stock BWEN fell $0.35 per share, or 12%, to close at $2.50 per share on August 5th.
Since then BWEN traded as low as $1.47 per share in September 2010 and recently traded at 2.15 per share.