Law Offices of Howard G. Smith 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, inclusive.
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, April 1, 2013