Lawsuit Overview
July 30, 2014 - The court ordered, adjudged, and decreed that judgment is entered in favor of the defendants.
September 25, 2013 - The court ordered the case reopened.
August 7, 2013 - The Ninth Circuit reversed a lower court's ruling dismissing the suit with prejudice.
June 30, 2011 - The court granted defendants' motion to dismiss and dismisses all of plaintiffs' claims with prejudice.
August 19, 2010 - The judge granted a motion to dismiss of one of the named defendants with prejudice.
July 30, 2010 - The lead plaintiff filed a second amended consolidated Complaint.
June 30, 2010 - The court granted defendants' motion to dismiss with leave to amend the complaint.
January 12, 2010 - Defendants filed a motion to dismiss.
October 15, 2009 - The lead plaintiff filed an amended consolidated complaint.
February 12, 2009 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
January 26, 2009 - Lead plaintiff motions were filed.
January 21, 2009 - Another investor filed an additional complaint.
December 30, 2008 - Another investor filed a complaint.
December 8, 2008 - Another investor filed an additional complaint.
December 2, 2008 - Another investor filed a complaint.
November 26, 2008 - An investor in shares of SouthWest Water Company (The) (NASDAQ: SWWC) filed a lawsuit in the U.S. District Court for the Central District of California against SouthWest Water Company (The) over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 16, 2006 and November 9, 2008.
According to the complaint the plaintiff alleges that SouthWest Water Company (NASDAQ: SWWC) and certain of its executive officers with violations of federal securities laws by issuing materially false and misleading statements concerning the SouthWest Water Company’s business, operations and prospects, caused its stock price to become artificially inflated, inflicting damages on investors, and that the defendants knew or recklessly disregarded between March 16, 2006 and November 9, 2008 that their public statements were materially false and misleading. Specifically, the Complaint alleges that on November 10, 2008, SouthWest Water Company shocked investors when it announced that it would be delaying the filing of its Form 10-Q for the third quarter ended September 30, 2008 and that SouthWest Water Company revealed that its audit committee had concluded that the consolidated financial statements for the years ended December 31, 2005, 2006 and 2007, and for each of the quarters therein, as well as for the quarters ended March 31, 2008 and June 30, 2008, should no longer be relied upon and would be restated to correct a number of errors. As a result of this news, so the lawsuit, the shares of SouthWest Water Company (NASDAQ: SWWC ) declined $2.97 per share, more than 36%, to close on November 10, 2008, at $5.25 per share, on unusually heavy volume.