Northwest Pipe defends its place on Nasdaq exchange

first_imgNorthwest Pipe Co. expects to defend its place on the Nasdaq stock exchange today. But even if it succeeds, the remaining problems the Vancouver company faces will still stack up like cordwood.The maker of steel pipes has been hit with a class-action lawsuit accusing the company’s leaders of making “false and misleading” statements that artificially inflated its stock.The company is also under investigation by the U.S. Securities and Exchange Commission.And it has received repeated delisting threats from the Nasdaq stock exchange. Though its hearing is today, the Nasdaq hearing panel may take several weeks to make a decision.The company’s situation has left some observers scratching their heads and wondering about the financial health of a roughly $400 million company with global reach that had been reporting new water transmission projects and a bright outlook for months.What is clear is that Northwest Pipe is still doing business. “At least what I know from some competitors I talk to, the landscape hasn’t changed,” said Brent Thielman, an analyst in the Lake Oswego, Ore. office of D.A. Davidson & Co., who regularly tracks the company. “They’re still competing on projects out there. They’re still operating. I don’t think that’s materially changed at all.”last_img read more