Northwest Pipe gets Nasdaq delisting notice because of delayed reports, to seen extension

Northwest Pipe gets Nasdaq delisting notice

VANCOUVER, Wash. — Shares of Northwest Pipe Co. could be delisted by the Nasdaq Stock Market because the company’s financial reports have been delayed by an accounting investigation.

The Welded steel pipe maker intends to ask the exchange to delay of the delisting, which could happen as soon as Wednesday. Filing for a hearing automatically delays the delisting by 15 days.

The Vancouver-based company hasn’t filed financial statements since last summer because of an internal investigation into its revenue recognition practices.

In April, its CEO stepped down to the position of president, and was replaced as CEO.

Northwest Pipe shares closed Monday at $22.38, up 9 cents.