Case Page

 

Case Status:    SETTLED
On or around 09/17/2015 (Date of order of final judgment)

Filing Date: March 19, 2013

According to the law firm press release, Great Lakes is the largest provider of dredging services in the U.S. and a major provider of commercial and industrial demolition and remediation services. After the close of markets on March 14, 2013, GLDD announced that it would need to restate its second and third quarter 2012 results by millions of dollars and that the Company’s President/COO (who was also the former Chief Financial Officer through August 20, 2012) was abruptly departing. Regarding the restatement, the Company disclosed that it had identified instances in its demolition segment where revenue was recognized in manner not consistent with the Company’s accounting policy in that certain pending change orders where client acceptance was not finalized were included as revenue. Great Lakes also disclosed that it will be reporting a material weakness in its internal controls over financial reporting.

In reaction to the news, Great Lakes’ share price fell 18% from $8.97 per share on March 14, 2013 to $7.355 per share on March 15, 2013, on unusually heavy trading volume.

Plaintiffs filed an amended complaint on August 9, 2013.

A Notice of Settlement was entered into the Court's docket on June 2, 2015. The Settlement was preliminarily approved on June 12. The Settlement was granted final approval and the case dismissed on September 17.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Construction Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GLDD
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

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COURT: N.D. Illinois
DOCKET #: 13-CV-02115
JUDGE: Hon. Charles R. Norgle, Sr
DATE FILED: 03/19/2013
CLASS PERIOD START: 08/07/2012
CLASS PERIOD END: 03/14/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lasky & Rifkind, Ltd. (Chicago)
    350 North LaSalle Street, Suite 1320, Lasky & Rifkind, Ltd. (Chicago), IL 60654
    (312)634-0057 (312)634-0059 ·
  2. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 13-CV-02115
JUDGE: Hon. Charles R. Norgle, Sr
DATE FILED: 08/09/2013
CLASS PERIOD START: 08/07/2012
CLASS PERIOD END: 08/07/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lasky & Rifkind, Ltd. (Chicago)
    350 North LaSalle Street, Suite 1320, Lasky & Rifkind, Ltd. (Chicago), IL 60654
    (312)634-0057 (312)634-0059 ·
  2. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date