Northwest Pipe Settles Accounting Fraud Case For $12.5M

Law360, New York (October 23, 2012, 9:43 PM EDT) -- Northwest Pipe Co. agreed Tuesday to pay $12.5 million to settle a putative class action alleging the pipe manufacturer and two former top executives perpetrated a massive accounting fraud that artificially inflated its earnings and stock price.

According to a motion for court approval of the settlement, investors who sued Northwest in 2009 concluded after negotiations with a mediator that the settlement “is a very good result and is in the best interests of the class.” As part of the settlement, the parties agreed to certify...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.