WILMINGTON, Del.--()--Rigrodsky & Long, P.A.:
“material weakness in its internal control over financial reporting”
- Do you, or did you, own shares of Great Lakes Dredge & Dock Corporation (NASDAQ GS: GLDD)?
- Did you purchase your shares before August 7, 2012, or between August 7, 2012 and March 14, 2013, inclusive?
- Did you lose money in your investment in Great Lakes Dredge & Dock Corporation?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that a complaint has been filed 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 GS: 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 shares of Great Lakes during the Class Period, or purchased shares prior to the Class Period and still hold Great Lakes, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/great-lakes-dredge-dock-corporation-gldd.
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 the defendants concealed from the investing public that it had recognized revenue in a manner not consistent with its accounting policy in that certain pending change orders where client acceptance was not finalized were included as revenue. In addition, the Company failed to disclose material weakness 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 (“SEC”).
On 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.
If you wish to serve as lead plaintiff, you must move the Court no later than May 20, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.