BENSALEM, Pa., Dec. 27, 2007 (PRIME NEWSWIRE) -- Law Offices of Howard G. Smith announces that it is investigating a potential securities class action against Basin Water, Inc. ("Basin Water" or the "Company") (Nasdaq:BWTR) related to the Company's November 14, 2007, press release announcing Basin Water's third-quarter 2007 financial results.
The investigation concerns possible violations of federal securities laws in connection with the Company's announcement of a third quarter loss of approximately $9.8 million, or $.0.50 per share, and a $4.7 million charge to cost of revenues to reserve for future projected losses. The November 14, 2007 press release attributed the reserve to "poorly priced contracts, increasing waste disposal and salt purchase costs and the inability to contractually pass increased costs on to our clients."
If you currently own shares of Basin Water, Inc. and wish to discuss your legal rights, or if you are interested in helping us with our investigation, you may call or email (please include your contact information) Howard Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll-Free at (888) 638- 4847, or by email to howardsmithlaw@hotmail.com.