Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Great Lakes Dredge & Dock

  Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class
  Action Lawsuit Against Great Lakes Dredge & Dock Corporation

Business Wire

LOS ANGELES -- April 5, 2013

Glancy Binkow & Goldberg LLP 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.

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.

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 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.

If you purchased Great Lakes securities during the Class Period, you have
until May 20, 2013 to move the Court to serve as lead plaintiff; however, you
must meet certain legal requirements. To be a member of the Class you need not
take action at this time; you may retain counsel of your choice or take no
action and remain an absent Class member. To learn more about this action, or
if you have any questions concerning this Notice or 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 shareholders@glancylaw.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.

Contact:

Glancy Binkow & Goldberg LLP, Los Angeles, CA
Michael Goldberg
(310) 201-9150 or (888) 773-9224
shareholders@glancylaw.com
www.glancylaw.com
 
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