LOS ANGELES, March 28, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP, representing investors of Great Lakes Dredge & Dock Corporation ("Great Lakes" or the "Company") (Nasdaq:GLDD), has filed a class action lawsuit in the United States District Court for the Northern District of Illinois on behalf of a class (the "Class") comprising all purchasers of Great Lakes securities between August 7, 2012 and March 14, 2013, inclusive (the "Class Period"). The Complaint alleges that throughout the Class Period the Company and certain of its executive officers issued false and/or misleading statements or failed to disclose material adverse facts concerning the Company's business, operations and financial prospects.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150, Toll-Free at (888) 773-9224, or by email at firstname.lastname@example.org.
Great Lakes engages in marine construction, primarily dredging, and commercial and industrial demolition primarily in the east, west and Gulf Coasts of 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, as such, 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) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On March 14, 2013, after the close of trading, the Company disclosed that it would restate its financial results for the Company's 2012 fiscal second and third quarters. According to the Company, Great Lakes had been improperly recording revenue recognition by accounting pending change orders as revenue where client acceptance had yet to be finalized. As a result of the announced restatement, the Company's second quarter 2012 revenues were reduced by $3.9 million and the third quarter 2012 revenues were reduced by $4.3 million. The Company also announced that the restatement would delay the filing of its 2012 Annual Report.
As a result of this news, shares of the Company declined $1.615 per share, or 8%, to close on March 15, 2013 at $7.355 per share on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions and substantial expertise in actions involving corporate fraud.
No class has yet been certified in this action. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you purchased Great Lakes securities during the Class Period you have certain rights, and have until May 20, 2013 to move for lead plaintiff status. If you wish to learn more about this action, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Source:Glancy Binkow & Goldberg LLP