| Company: | SouthWest Water Company |
| Ticker Symbol: | SWWC |
| Class Period: | Mar-16-06 to Nov-9-08 |
| Date Filed: | Nov-26-08 |
| Lead Plaintiff Deadline: | Jan-25-09 |
| Court: | Central District of California |
| Allegations: | |
According to the complaint the plaintiff alleges that SouthWest Water Company (NASDAQ:SWWC; "SouthWest Water") and certain of its executive officers with violations of federal securities laws by issuing materially false and misleading statements concerning the SouthWest Water'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 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 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 (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.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
