SAN DIEGO, March 25, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of Great Lakes Dredge & Dock Corporation (GLDD) common stock over alleged violations of Federal Securities Laws by Great Lakes Dredge & Dock Corporation in connection with certain allegedly false and misleading statements made between August 7, 2012 and March 14, 2013.
If you purchased a significant amount of common stock of Great Lakes Dredge & Dock Corporation (GLDD) between August 7, 2012 and March 14, 2013 and / or if you purchased GLDD shares prior to August 7, 2012 and currently hold any of those shares, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The plaintiff alleges that Great Lakes Dredge & Dock Corporation and certain of its officers violated the Securities Exchange Act of 1934.
More specifically, the plaintiff alleges that defendants made false and misleading statements and failed to disclose that it 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 Company failed to disclose material weakness in its internal controls to detect or prevent misstatements in its financial statements.
Then on March 14, 2013, Great Lakes Dredge & Dock Corporation reported financial results for the quarter and year ended December 31, 2012. Among other things, Great Lakes Dredge & Dock Corporation also announced that it will restate the second and third quarter 2012 results and that its President and COO was terminated effective March 13, 2013.
Shares of Great Lakes Dredge & Dock Corporation dropped from $9.00 per share on March 14, 2013, to as low as $6.98 per share on March 22, 2013.
The plaintiff seeks to recover damages.
Those who purchased GLDD shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.