DENVER, Aug. 14, 2008 (LAWFUEL) — Dyer & Berens LLP
(www.DyerBerens.com) today announced that it has initiated an
investigation concerning losses suffered by certain investors of Basin
Water, Inc. (“Basin Water” or the “Company”) (Nasdaq:BWTR).
The investigation focuses on whether Basin Water misled investors by
issuing materially false and misleading statements concerning the
Company’s financial condition. On August 11, 2008, Basin Water
announced a delay in filing its second quarter results for the period
ended June 30, 2008. The Company also disclosed that based on an
ongoing accounting review by its Audit Committee, it believes it may
need to restate previously issued financial statements as a result of
revenue recognition practices relating to certain transactions.
Moreover, Basin Water stated it will not meet its fiscal year 2008
revenue outlook of $26 million to $36 million and does not intend to
provide any further revenue guidance for the year. In response to this
announcement, the price of Basin Water’s common stock price fell more
than 60%, reaching an intra-day low of $1.29 per share.
If you have information relevant to the investigation, or if you
believe you were harmed by the conduct described above, you may contact
Jeffrey A. Berens, Esq. at (888) 300-3362, (303) 861-1764 or via email
at jeff@dyerberens.com.
The law firm of Dyer & Berens LLP focuses on shareholder litigation on
behalf of investors throughout the nation. For more information about
the firm, please go to www.DyerBerens.com.
