Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Southwest Water Company

• Press Release
• Source: Bronstein, Gewirtz & Grossman, LLC
• On Tuesday December 9, 2008, 10:43 am EST

NEW YORK, NY--(MARKET WIRE)--Dec 9, 2008 -- Bronstein, Gewirtz & Grossman, LLC announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of those who purchased the securities of Southwest Water Company ("Southwest Water" or the "Company") (NasdaqGS:SWWC - News) between May 10, 2005 and November 7, 2008, inclusive (the "Class Period").

The Complaint charges Southwest Water and certain of its executive officers with violations of the federal security laws. On November 10, 2008, the Company shocked investors when it announced that the Company's audit committee concluded that the financial statements for the years ended December 31, 2005, 2006 and 2007, and for each quarters therein, as well as for the quarters ended March 31, 2008 and June 30, 2008, should no longer be relied upon and would be restated to correct a number of errors related to: (1) the establishment of the rate of depreciation of assets acquired by acquisition; and (2) the accounting for revenues and related costs associated with the installation of water and sewer taps. Upon the release of the news, the Southwest Water's shares fell $2.97 per share, or 36%, to close on November 10, 2008 at $5.25 per share, on unusually heavy trading volume.

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. January 26, 2009 is the deadline for investors to seek a lead plaintiff appointment.

Bronstein Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate work, private securities offerings, and securities arbitration.

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     Peretz Bronstein or Eitan Kimelman
     Bronstein, Gewirtz & Grossman, LLC
     212-697-6484
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