Ryan & Maniskas LLP has announced that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities that purchased the common stock of Great Lakes Dredge & Dock Corporation between August 7, 2012 and March 14, 2013, inclusive.
The complaint charges Great Lakes and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations, and prospects.
Specifically, the Complaint alleges that defendants concealed from the investing public that they had recognized revenue in a manner not consistent with the applicable accounting policy-certain pending change orders where client acceptance was not finalized were incorrectly included as revenue. In addition, the company failed to disclose material weaknesses in its internal controls to detect or prevent misstatements in its financial statements.
As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
Press Release, March 25, 2013