USA: Shareholders Foundation Files Lawsuit Against GLDD
The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of Great Lakes Dredge & Dock Corporation (GLDD) common stock over alleged violations of Federal Securities Laws by Great Lakes Dredge & Dock Corporation in connection with certain allegedly false and misleading statements made between August 7, 2012 and March 14, 2013.
The plaintiff alleges that Great Lakes Dredge & Dock Corporation and certain of its officers violated the Securities Exchange Act of 1934.
More specifically, the plaintiff alleges that defendants made false and misleading statements and failed to disclose that it had recognized revenue in a manner not consistent with its accounting policy in that certain pending change orders where client acceptance was not finalized were included as revenue. In addition, the Company failed to disclose material weakness in its internal controls to detect or prevent misstatements in its financial statements.
Then on March 14, 2013, Great Lakes Dredge & Dock Corporation reported financial results for the quarter and year ended December 31, 2012. Among other things, Great Lakes Dredge & Dock Corporation also announced that it will restate the second and third quarter 2012 results and that its President and COO was terminated effective March 13, 2013.
Shares of Great Lakes Dredge & Dock Corporation dropped from $9.00 per share on March 14, 2013, to as low as $6.98 per share on March 22, 2013.
Press Release, March 26, 2013