Saxena White P.A. Files Securities Fraud Class Action Against Great Lakes Dredge & Dock Company

BOCA RATON, FL--(Marketwire - Mar 20, 2013) -  Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Northern District of Illinois against Great Lakes Dredge & Dock Company. ("Great Lakes" or the "Company") (NASDAQ: GLDD) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from August 7, 2012 through March 14, 2013 (the "Class Period"). The complaint brings forth claims for violations of the Securities Exchange Act of 1934.

Great Lakes is the largest provider of dredging services in the U.S. and a major provider of commercial and industrial demolition and remediation services. After the close of markets on March 14, 2013, GLDD announced that it would need to restate its second and third quarter 2012 results by millions of dollars and that the Company's President/Chief Operating Officer (who was also the former Chief Financial Officer through August 20, 2012) was abruptly departing. Regarding the restatement, the Company disclosed that it had identified instances in its demolition segment where revenue was recognized in a manner inconsistent with the Company's accounting policy, in that certain pending change orders where client acceptance was not finalized were included as revenue. Great Lakes also disclosed that it will be reporting a material weakness in its internal controls over financial reporting.

In reaction to the news, Great Lakes' share price fell 18%, from $8.97 per share on March 14, 2013 to $7.355 per share on March 15, 2013, on unusually heavy trading volume. You may obtain a copy of the Complaint and join the class action at www.saxenawhite.com. 

If you purchased Great Lakes stock between August 7, 2012 and March 14, 2013, you may contact Joe White (jwhite@saxenawhite.com) or Marc Grobler (mgrobler@saxenawhite.com) at Saxena White P.A. to discuss your rights and interests.

If you purchased Great Lakes common stock during the Class Period of August 7, 2012 through March 14, 2013, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than May 20, 2013. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.

Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.