The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of a class comprising all purchasers of the securities of Great Lakes Dredge & Dock Corporation between August 7, 2012 and March 14, 2013, inclusive.
Great Lakes engages in marine construction, 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 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.
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Press Release, April 29, 2013