WAYNE, Pa., April 10, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP ( www.rmclasslaw.com/cases/gldd) announces that purchasers of the securities of Great Lakes Dredge & Dock Corporation ("Great Lakes" or the "Company") (NASDAQ: GLDD) between August 7, 2012 and March 14, 2013, inclusive (the "Class Period"), have until May 20, 2013 to file a motion with the Court to be appointed as lead plaintiff. The shareholder lawsuit was filed in the United States District Court for the Northern District of Illinois.
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP ( Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/gldd.The complaint charges Great Lakes and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Great Lakes is the largest provider of dredging services in the United States. The Complaint alleges that throughout the Class Period defendants misrepresented and/or failed to disclose: (1) that the Company was accounting pending change orders as revenue where client acceptance had yet to be finalized; (2) that, as such, the Company was improperly recognizing revenue for its demolition segment; (3) that the Company's revenue was overstated; (4) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (5) that the Company lacked adequate internal and financial controls; and (6) as a result of the foregoing, that the Company's financial statements were materially false and misleading at all relevant times. On March 14, 2013, Great Lakes issued a press release announcing the restatement of its financials in which the Company's previously-issued financial statements from the Second and Third Quarter of fiscal 2012 should no longer be relied upon. In addition, Great Lakes admitted that it expected to conclude that the Company had a "material weakness in its internal control over financial reporting," and that it would not be able to timely file its 2012 annual financial results with the United States Securities and Exchange Commission. On this news, shares in Great Lakes dropped almost 18%, closing at $7.36 per share on March 15, 2013, from a close of $8.97 per share on March 14, 2013. If you are a member of the class, you may, no later than May 20, 2013, request that the Court appoint you as lead plaintiff of the class. 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 Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action. For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/gldd or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at email@example.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com. Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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