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Basin Water in Rancho Cucamonga sued by shareholders
Class Action | 2007/12/27 12:05

A San Diego law firm has launched a class-action suit against Rancho Cucamonga-based Basin Water Inc., alleging that it misled shareholders, causing the company's stock price to rise to inflated heights, leading to losses for investors when the stock later fell.

Basin designs and builds groundwater treatment systems.

The law firm, Coughlin Stoia Geller Rudman & Robbins LLP, says Basin and some of its officers and directors issued false and misleading statements about the company's financial results.

In particular, Coughlin Stoia alleges that Basin concealed facts from potential investors that included commitments to sell product at unprofitable prices and increased costs for waste disposal and salt purchasing.

The complaint also says company officials knew Basin had long-term contracts that would hurt profitability and lied about the status of those contracts.

In November, the stock fell 22 percent in one day after Basin announced that it would take a $4.7 million charge to reserve money for projected losses.

Basin said at the time it was the second charge the company had taken in less than a year related to so-called legacy projects.

Also, Basin said, improvements in its accounting practices allowed the company to determine the systems will continue to operate at a loss for some time.

The company said its management earlier this year established new business processes that ensure future contracts are properly priced and that Basin can pass along price increases to customers.

Late Friday, it was announced that a Baltimore law firm had started a class action against Basin as well.

Basin officials could not reached for comment Friday. Its shares closed at $9 Friday, up 89 cents.



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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet.
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