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Lieff Cabraser Reminds Great Lakes Dredge & Dock Corporation Investors of Upcoming Deadline in Class Action Lawsuits

  Lieff Cabraser Reminds Great Lakes Dredge & Dock Corporation Investors of
  Upcoming Deadline in Class Action Lawsuits

Business Wire

SAN FRANCISCO -- April 10, 2013

Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the May 20, 2013
deadline to move for appointment as lead plaintiff in the securities class
litigation brought on behalf of 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”).

If you purchased Great Lakes securities during the Class Period, you may move
the Court for appointment as lead plaintiff by no later than May 5, 2013. A
lead plaintiff is a representative party who acts on behalf of other class
members in directing the litigation. Your share of any recovery in the action
will not be affected by your decision of whether to seek appointment as lead
plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel
in the action.

Great Lakes shareholders who wish to learn more about the actions and how to
seek appointment as lead plaintiff should click here or contact Brendan P.
Glackin of Lieff Cabraser toll-free at (800) 541-7358.

Located in Oak Brook, Illinois, Great Lakes is the largest provider of
dredging services in the United States and a major provider of commercial and
industrial demolition and remediation services.

On March 14, 2013, the Company disclosed it had recognized revenue in 2012 in
a manner not consistent with its accounting policy. It further revealed “a
failure of internal controls to detect or prevent misstatements in [its]
financial statements,” which was “material to [its] results of operations for
the quarterly and year-to-date periods ended June 30, 2012 and September 30,
2012.” The Company disclosed a “material weakness” in its disclosure controls,
described as a deficiency (or series of deficiencies) in internal controls
over financial reporting such that there is a reasonable possibility that a
material misstatement of Great Lakes’ annual or interim financial statements
will not be prevented or detected on a timely basis. The Company further
revealed that “2012 second and third quarter demolition segment revenues were
overstated by $3.9 million and $4.3 million, respectively.”

On that same day, Great Lakes’ President and Chief Operating Officer, Bruce J.
Biemeck, departed the Company. Biemeck previously served in 2012 as CFO to the
Company.

Following these revelations, Great Lakes’ share price plummeted, losing
approximately 20% of its value and resulting in approximately $100 million in
investor losses.

About Lieff Cabraser

Lieff Cabraser is a nationally recognized law firm committed to advancing the
rights of investors and promoting corporate responsibility.

Since 2003, the National Law Journal has selected Lieff Cabraser as one of the
top plaintiffs’ law firms in the nation. Lieff Cabraser is one of only two
plaintiffs’ law firms in the United States to receive this honor for the last
ten consecutive years.

For more information about Lieff Cabraser and the firm’s representation of
investors, please visit http://www.lieffcabraser.com.

Contact:

Source/Contact for Media Inquiries Only
Lieff Cabraser Heimann & Bernstein, LLP
Brendan P. Glackin, 800-541-7358
 
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