Law firm Finkelstein Thompson LLP is investigating potential claims on behalf of shareholders in Great Lakes Dredge & Dock Corp. (NASDAQ: GLDD), whose share price declined dramatically following reports that it intended to restate its second- and third-quarter results because of problems with the way it recorded revenue. If you are interested in discussing your rights as a Great Lakes shareholder, or have information relating to this investigation, please contact Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or by email at
On March 13, 2013, the company disclosed it had recognized revenue in a manner not consistent with its accounting policy. It further revealed “a failure of internal controls to detect or prevent misstatements in [its] financial statements,” which was “material to [its] results of operations for the quarterly and year-to-date periods ended June 30, 2012 and September 30, 2012. Finally, the company revealed a “material weakness” in its disclosure controls, described as a deficiency (or series of deficiencies) in internal controls over financial reporting such that there is a reasonable possibility that a material misstatement of Great Lakes’ annual or interim financial statements will not be prevented or detected on a timely basis.
On that same day, Great Lakes’ President and Chief Operating Officer departed the company. Following these revelations, Great Lakes’ share price plummeted, losing significant value. Finkelstein Thompson is investigating what remedies may be available to Great Lakes shareholders to recover those losses, and whether the actions leading to these losses were the result of breaches of fiduciary duties by the company’s management.
Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in financial litigation, and courts have appointed it lead or co-counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.