Morgan & Morgan Notifies Investors in Great Lakes Dredge & Dock Corporation of
Class Action Lawsuit and the Deadline of May 20, 2013 to Seek a Lead Plaintiff
Position -- GLDD
NEW YORK, May 9, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a
class action lawsuit has been commenced in the United States District Court
for the Northern District of Illinois on behalf of all persons or entities
that purchased the common stock 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"), alleging violations of the
Securities Exchange Act of 1934 against the Company and certain of its
officers (the "Complaint").
If you purchased Great Lakes between August 7, 2012 and March 14, 2013, you
may, no later than May 20, 2013, request that the Court appoint you lead
plaintiff of the proposed class. A lead plaintiff is a representative party
that acts on behalf of other class members in directing the litigation. Any
member of the purported class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and remain an
absent class member.
If you purchased Great Lakes and want more information about the Great Lakes
securities fraud lawsuit please contact George Pressly, Esq. at 1 (800)
631-6234 or email George at firstname.lastname@example.org.
Great Lakes is the largest provider of dredging services in the United States.
The Complaint alleges that throughout the Class Period, defendants made
materially false and misleading statements, and omitted materially adverse
facts, about the Company's business, operations, and prospects. Specifically,
the Complaint alleges that defendants concealed from the investing public that
they had recognized revenue in a manner not consistent with the applicable
accounting policy – certain pending change orders where client acceptance was
not finalized were incorrectly included as revenue. In addition, the Company
failed to disclose material weaknesses in its internal controls to detect or
prevent misstatements in its financial statements. As a result of defendants'
false and misleading statements, the Company's stock traded at artificially
inflated prices during the Class Period.
According to the Complaint, on March 14, 2013, Great Lakes issued a press
release announcing the restatement of its financials in which the Company's
previously-issued financial statements from the Second and Third Quarter of
fiscal 2012 should no longer be relied upon. In addition, Great Lakes admitted
that it expected to conclude that the Company had a "material weakness in its
internal control over financial reporting," and that it would not be able to
timely file its 2012 annual financial results with the United States
Securities and Exchange Commission.
Following this news, shares in Great Lakes dropped almost 18%, closing at
$7.36 per share on March 15, 2013, from a close of $8.97 per share on March
14, 2013, on volume of almost 8 million shares.
Morgan & Morgan
Morgan & Morgan is one of the nation's largest 200 law firms. In addition to
shareholder rights the firm also practices in the areas of antitrust, personal
injury, consumer protection, overtime, and product liability. All of the
Firm's legal endeavors are rooted in its core mission: provide investor and
consumer protection and always fight "for the people."
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT: Morgan & Morgan
Peter Safirstein, Esq.
28 West 44th Street
New York, NY 10036
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