Broadwind Forks Over $4M To Settle Inflated-Stock Suit
By Kurt Orzeck (March 11, 2013, 10:59 PM EDT) -- Broadwind Energy Inc. will pay nearly $4 million to settle a class action alleging the wind energy technology company broke federal securities laws by artificially inflating its stock and allowing its CEO to cash out early, according to an agreement filed Monday in Illinois federal court.
Stockholders sued Broadwind in February 2011, alleging that the Chicago-based wind energy technology company hid from shareholders that it would have to write off $82 million in miscalculated asset values on its books between March 17, 2009, and Aug. 9, 2010. The putative class includes hundreds of individuals who bought company stock during that time...
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