NEW YORK, March 28, 2013 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a securities class action has been commenced in the United States District Court for the Northern District of Illinois on behalf of a class (the "Class") of purchasers of Great Lakes Dredge & Dock Company ("Great Lakes" or the "Company") (NASDAQ: GLDD) common stock between August 7, 2012 through March 14, 2013 (the "Class Period").
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, Great Lakes 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 would be reporting a material weakness in its internal controls over financial reporting.
In reaction to the news, Great Lakes' shares 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.Plaintiffs seek to recover damages on behalf of all Class members who invested in Great Lakes stock during the Class Period. If you invested in Great Lakes stock as described above during the Class Period, and either lost money on the transaction or still hold the stock, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than May 20, 2013. A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
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