SAN DIEGO, April 8, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor in shares of Great Lakes Dredge & Dock Corporation (GLDD) filed a lawsuit against certain directors over alleged breaches of fiduciary duties owed to the Company and its shareholders by making allegedly false and misleading statements and allegedly failing to disclose that the Company had recognized revenue in a manner inconsistent with its own account policy.
If you purchased Great Lakes Dredge & Dock Corporation (GLDD) shares in 2011 or earlier 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 claims that the company included as revenue certain pending change orders where client acceptance had not been finalized and that certain directors also breached their fiduciary duty by failing to establish adequate internal controls to detect or prevent misstatements in its financial statements.
The plaintiff says that the defendant's actions have caused and will continue to cause, substantial financial harm to Great Lakes Dredge & Dock Corporation.
The plaintiff says that the company overstated important operational metric such as revenue during the relevant period and the company's internal financial controls were completely ineffective.
The plaintiff alleges Defendants breached their fiduciary duties to the Company and its shareholders by implementing ineffective and materially deficient internal controls, which resulted in improper revenue recognition, the filing of materially false and misleading financial statements with the SEC and the dissemination of false information to its shareholders.
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 $6.58 per share on March 27, 2013.
Those who are current long-term investors in shares of Great Lakes Dredge & Dock Corporation (GLDD) have certain options and should contact the Shareholders Foundation, Inc.
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.