A current long term investor in shares of Broadwind Energy (NASDAQ:BWEN) filed a lawsuit against certain member of the Broadwind Energy board of directors and certain current and former executive officers.

According to the complaint the plaintiff alleges that certain member of the Broadwind Energy board of directors and certain current and former executive officers breached their fiduciary duties.

The lawsuit by the current long term investor in Broadwind Energy follows a lawsuit by investor who purchased BWEN shares only between March 17, 2009 and August 9, 2010. Their lawsuit alleges that Broadwind Energy Inc. 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’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 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. (Public, 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 announced its financial results for the fourth quarter and fiscal year of 2009, the period ended December 31, 2009. For the quarter, Broadwind Energy 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’s weak 2009 fourth quarter results, shares of Broadwind Energy 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 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 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’s products, the price of Broadwind Energy’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 1.60 per share.