Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Great Lakes Dredge & Dock Corporation who purchased Great Lakes common stock between May 4, 2012 and March 14, 2013.
The investigation concerns whether Great Lakes and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On March 14, 2013 Great Lakes announced that its financial statements for the quarterly periods ended June 30, 2012 and September 30, 2012 should no longer be relied upon by investors and had to be restated. Great Lakes stated that “ certain pending change orders where client acceptance has not been finalized were included as revenue.”
Consequently, it concluded that “ 2012 second and third quarter demolition segment revenues were overstated by $3.9 million and $4.3 million, respectively. ” Great Lakes also announced the departure of its Chief Operating Officer and President Bruce J. Biemeck, who served as Chief Financial Officer until August 20, 2012. On this news the price of Great Lakes stock has fallen by over 20%.
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Press Release, March 20, 2013