Hagens Berman Sobol Shapiro LLP today announced that it is advancing its investigation of Great Lakes Dredge & Dock Corp. (NASDAQ: GLDD) (“GLDD” or “the company”) following the filing of a securities lawsuit and encourages GLDD investors who have suffered financial losses to contact an attorney by emailing
If you purchased shares of GLDD common stock between August 7, 2012, and March 14, 2013, inclusive (the “class period”), suffered significant losses and wish to move to be a lead plaintiff in the pending class action, you may contact Hagens Berman Partner Reed Kathrein, who is leading the Firm’s investigation, by calling (510) 725-3000. You can also contact Mr. Kathrein by submitting information at
Investors who wish to serve as lead plaintiff in the case must move the court no later than May 20, 2013. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The firm’s investigation centers around what GLDD and its senior executives knew and communicated to investors prior to March 14, 2013, when it announced a restatement of financial results. In the restatement, the company noted that for the second and third financial quarters of 2012, “Certain pending change orders where client acceptance has not been finalized were included as revenue. After a review, the Company concluded 2012 second and third quarter demolition segment revenues were overstated by $3.9 million and $4.3 million, respectively.”
Following the restatement announcement, the company’s Chief Operating Officer and President Bruce J. Biemeck resigned, and the company’s stock price fell by approximately 30 percent.
Hagens Berman is investigating this issue to determine whether the company’s previous financial statements were unreliable or otherwise misleading.
“GLDD has already admitted that it violated its own policies in counting revenue,” said Mr. Kathrein. “Our concern is the extent to which certain of the company’s officers may have been aware of these issues prior to disclosing them to investors. We find it difficult to believe that a $8 million discrepancy was simply an honest mistake that no one noticed until now.”