USA: Glancy Binkow & Goldberg Files Class Action Lawsuit Against GLDD

Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of a class comprising all purchasers of the securities of Great Lakes Dredge & Dock Corporation between August 7, 2012 and March 14, 2013.

Great Lakes engages in marine construction, dredging and commercial and industrial demolition, primarily in the east, west and Gulf Coasts of the United States.

On March 14, 2013 Great Lakes announced that it would restate its second and third quarter 2012 financial results by millions of dollars and that the Company’s President/Chief Operating Officer (who was also the Company’s former Chief Financial Officer) was abruptly departing.

In addition, the Company disclosed that it had identified instances in its demolition segment where revenue was recognized in a manner inconsistent with the Company’s accounting policy. Great Lakes also disclosed that it will be reporting a material weakness in its internal controls over financial reporting.

As a result of this news, Great Lakes’ share price dropped 18%, to close at $7.355 per share on March 15, 2013, on unusually heavy trading volume.

Press Release, March 27, 2013

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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