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Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Great Lakes Dredge & Dock Corporation

Sunday, April 28, 2013 2:00 PM


The Law Offices of Todd M. Garber 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.

The Complaint alleges that throughout the Class Period defendants misrepresented and/or failed to disclose: (1) that the Company was accounting pending change orders as revenue where client acceptance had yet to be finalized; (2) that, as such, the Company was improperly recognizing revenue for its demolition segment; (3) that the Company’s revenue was overstated; (4) that the Company’s financial results were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”); (5) that the Company lacked adequate internal and financial controls; and (6) as a result of the foregoing, that the Company’s financial statements were materially false and misleading at all relevant times.

If you are a member of the above-described Class, you may move the Court no later than May 20, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to info@toddgarberlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

(Source: Business Wire )
(Source: Quotemedia)

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