Basin Water (BWTR) shares are off over 50% to $1.78 on heavy volume.

Basin Water said that the Audit Committee of its Board of Directors is conducting a review of the Company’s accounting for certain specific transactions, and that the Audit Committee has retained independent legal counsel and accountants to assist in the review. The Company has delayed the filing of its Form 10-Q pending the completion of the Audit Committee’s review.

CEO Michael Stark made $325,842 in salary last year and $80,000 in bonuses. Will he do as well this year?

Shareholder in Basin Water should hope not.

Douglas A. McIntyre