BENSALEM, Pa. -- (Business Wire)
Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed in the United States District Court for the Northern District
of Illinois on behalf of a class (the “Class”) comprising all 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”).
Great Lakes engages in marine construction, dredging and commercial and
industrial demolition, primarily in the east, west and Gulf Coasts of
the United States. On March 14, 2013 Great Lakes announced that it would
restate its second and third quarter 2012 financial results by millions
of dollars and that the Company’s President/Chief Operating Officer (who
was also the Company’s former Chief Financial Officer) was abruptly
departing. In addition, the Company disclosed that it had identified
instances in its demolition segment where revenue was recognized in a
manner inconsistent with the Company's accounting policy. Great Lakes
also disclosed that it will be reporting a material weakness in its
internal controls over financial reporting.
As a result of this news, Great Lakes’ share price dropped 18%, to close
at $7.355 per share on March 15, 2013, on unusually heavy trading volume.
No class has yet been certified in this action. To be a member of the
Class you need not take any action at this time, or may retain counsel
of your choice. If you purchased Great Lakes shares during the Class
Period, you have certain rights, and have until May 20, 2013 to move for
lead plaintiff status. If you wish to discuss this action or have any
questions concerning this Notice or your rights or interests with
respect to these matters, please contact Howard G. Smith, Esquire, of
Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888)
638-4847, or by email to firstname.lastname@example.org,
or visit our website at http://www.howardsmithlaw.com.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
Source: Law Offices of Howard G. Smith
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