Great Lakes Dredge & Dock Corporation (GLDD) Investor Lawsuit Against
Directors Announced by Shareholders Foundation
SAN DIEGO, April 8, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc.
announces that an investor in shares of Great Lakes Dredge & Dock Corporation
(GLDD) filed a lawsuit against certain directors over alleged breaches of
fiduciary duties owed to the Company and its shareholders by making allegedly
false and misleading statements and allegedly failing to disclose that the
Company had recognized revenue in a manner inconsistent with its own account
If you purchased Great Lakes Dredge & Dock Corporation (GLDD) shares in 2011
or earlier and currently hold any of those shares, you have certain options
and you should contact the Shareholders Foundation, Inc. by e-mail at
email@example.com or call +1 (858) 779-1554.
The plaintiff claims that the company included as revenue certain pending
change orders where client acceptance had not been finalized and that certain
directors also breached their fiduciary duty by failing to establish adequate
internal controls to detect or prevent misstatements in its financial
The plaintiff says that the defendant's actions have caused and will continue
to cause, substantial financial harm to Great Lakes Dredge & Dock Corporation.
The plaintiff says that the company overstated important operational metric
such as revenue during the relevant period and the company's internal
financial controls were completely ineffective.
The plaintiff alleges Defendants breached their fiduciary duties to the
Company and its shareholders by implementing ineffective and materially
deficient internal controls, which resulted in improper revenue recognition,
the filing of materially false and misleading financial statements with the
SEC and the dissemination of false information to its shareholders.
On March 14, 2013, Great Lakes Dredge & Dock Corporation reported financial
results for the quarter and year ended December 31, 2012. Among other things,
Great Lakes Dredge & Dock Corporation also announced that it will restate the
second and third quarter 2012 results and that its President and COO was
terminated effective March 13, 2013.
Shares of Great Lakes Dredge & Dock Corporation dropped from $9.00 per share
on March 14, 2013, to as low as $6.58 per share on March 27, 2013.
Those who are current long-term investors in shares of Great Lakes Dredge &
Dock Corporation (GLDD) have certain options and should contact the
Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring
and settlement claim filing service, which does research related to
shareholder issues and informs investors of securities class actions,
settlements, judgments, and other legal related news to the stock/financial
market. The Shareholders Foundation, Inc. is not a law firm. The information
is provided as a public service. It is not intended as legal advice and should
not be relied upon.
CONTACT: Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
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