Hagens Berman: Deadline Approaches (USA)
Hagens Berman Sobol Shapiro LLP reminded investors of an upcoming May 20, 2013 deadline in the investor class-action lawsuit filed against Great Lakes Dredge & Dock Corp.
GLDD announced a restatement of financial results on March 14, 2013, impacting both the second and third financial quarters of 2012. The company noted that, “Certain pending change orders where client acceptance has not been finalized were included as revenue. After a review, the Company concluded 2012 second and third quarter demolition segment revenues were overstated by $3.9 million and $4.3 million, respectively.”
The company’s Chief Operating Officer and President Bruce J. Biemeck also resigned.
On the news, GLDD’s stock price fell by approximately 30 percent, and continues to trade below class period highs.
Hagens Berman is investigating this issue to determine whether the company’s previous financial statements were unreliable or otherwise misleading, and if, as a result, the company is liable for investor losses.
Press Release, April 9, 2013