Block & Leviton LLP, a Boston-based law firm representing investors nationwide, is investigating possible securities law violations involving Great Lakes Dredge & Dock Corp.
Just after the close of trading on Thursday, March 14, 2013, GLDD announced that it would restate its second and third quarter 2012 financial results due to improper revenue recognition. The Company also announced that the restatement would delay the filing of its 2012 Form 10-K. As a result of the announced restatement, the Company’s second quarter 2012 revenues were reduced by $3.9 million and the third quarter 2012 revenues were reduced by $4.3 million. The Company further announced that $5.6 million of fourth quarter revenue also failed to meet revenue recognition standards.
The Company’s press release also announces the departure of the Company’s President and Chief Operating Officer, Bruce J. Biemeck, effective March 13, 2013.
The Company’s stock has plummeted on this news, falling from a close of $8.97 on Thursday to $5.75 in after hours trading, a decline of more than 35%.
Block & Leviton’s investigation seeks to determine, among other things, whether GLDD or its officers and directors have violated the federal securities laws. If you have any information relevant to this investigation, or have questions about your legal rights, please contact Block & Leviton LLP.
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Press Release, March 19, 2013