Gainey McKenna & Egleston: Securities Fraud Class Action Lawsuit Filed (USA)

Gainey McKenna & Egleston announces 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 who purchased the common stock of Great Lakes Dredge & Dock Corporation between August 7, 2012 and March 14, 2013, seeking remedies under the federal securities laws.

The Complaint alleges Defendants concealed from the investing public that the Company 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 Complaint alleges that the Company failed to disclose material weakness in its internal controls to detect or prevent misstatements in its financial statements. As a result of Defendants’ allegedly false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

On March 14, 2013, the Company issued a press release announcing the restatement of its financials in which its previously-issued financial statements from the Second and Third Quarter of fiscal 2012 should no longer be relied upon. In addition, the Company admitted that it expected to conclude that it had a “material weakness in its internal control over financial reporting,” and that it would not be able to timely file its 2012 annual financial results with the United States Securities and Exchange Commission (“SEC”).

Press Release, April 1, 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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