DENVER, Aug. 14, 2008 (PRIME NEWSWIRE) -- 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.