STEVENSON, Md., March 29, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of Great Lakes Dredge & Dock Corporation ("Great Lakes" or the "Company") (Nasdaq:GLDD) common stock during the period between August 7, 2012 and March 14, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Great Lakes Dredge & Dock Corporation common stock purchased on or after August 7, 2012, and held through March 14, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 20, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company had prematurely recognized revenue for certain pending change orders where client acceptance was not finalized. According to the Complaint, following Great Lakes' March 14, 2013 disclosure that the Company would have to restate its reported revenues for the second and third quarter of 2012 and that its previously-issued financial statements for this period should no longer be relied upon, that the Company would not be able to timely file its 2012 annual financial results, and that the Company expected to conclude that it had a material weakness in its internal control over financial reporting, the value of Great Lakes shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
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