NEW YORK, April 12, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Great Lakes Dredge & Dock Corporation ("Great Lakes" or the "Company")(Nasdaq:GLDD) and certain of its officers. The class action filed in United States District Court, Northern District of Illinois, and docketed under 13 C 02450, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Great Lakes between August 7, 2012 and March 14, 2013, both dates inclusive of (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Great Lakes securities during the Class Period, you have until May 20, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Great Lakes is the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation services.
The Complaint alleges that throughout the Class Period, Defendants issued a series of materially false and misleading statements regarding the Company's revenues and operations, and on March 14, 2013 Great Lakes announced that its financial statements for the quarterly periods ended June 30, 2012 and September 30, 2012 should no longer be relied upon by investors and had to be restated. Great Lakes stated that "certain pending change orders where client acceptance has not been finalized were included as revenue." Consequently, it concluded that "2012 second and third quarter demolition segment revenues were overstated by $3.9 million and $4.3 million, respectively." Great Lakes also announced the departure of its Chief Operating Officer and President Bruce J. Biemeck, who served as Chief Financial Officer until August 20, 2012. On this news the price of Great Lakes stock has fallen by over 20%. On March 15, 2013 the stock fell $1.61 or 18% to close at $7.36 per share.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.