USA: Todd M. Garber Announces Investigation of GLDD
The Law Offices of Todd M. Garber announces that it is investigating potential claims against Great Lakes Dredge & Dock Corporation concerning possible violations of federal securities laws.
Great Lakes engages in marine construction, dredging, and commercial and industrial demolition primarily in the east, west and Gulf Coasts of the United States.
The investigation is related to allegations that between August 7, 2012 and March 14, 2013 the Company and certain of its executive officers issued false and misleading statements or failed to disclose: (1) that the Company was accounting pending change orders as revenue where client acceptance had yet to be finalized; (2) that, as such, the Company was improperly recognizing revenue for its demolition segment; (3) that the Company’s revenue was overstated; (4) that the Company’s financial results were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”); (5) that the Company lacked adequate internal and financial controls; and (6) as a result of the foregoing, that the Company’s financial statements were materially false and misleading at all relevant times.
On March 14, 2013, after the close of trading, the Company disclosed that it would restate its financial results for the Company’s 2012 fiscal second and third quarters. According to the Company, Great Lakes had been improperly recording revenue recognition by accounting pending change orders as revenue where client acceptance had yet to be finalized. The Company also announced that the restatement would delay the filing of its 2012 Annual Report.
Press Release, April 15, 2013