Great Lakes Dredge & Dock Corporation Securities Litigation
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 & Securities Information
Defendant: Great Lakes Dredge & Dock Corporation
Sector: Capital Goods
Industry: Construction Services
Headquarters: United States
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.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
United Union of Roofers, Waterproofers & Allied Workers Local Union No. 8, et al. v. Great Lakes Dredge & Dock Corporation, et al.
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:
Lasky & Rifkind, Ltd. (Chicago) 350 North LaSalle Street, Suite 1320, Lasky & Rifkind, Ltd. (Chicago), IL 60654 (312)634-0057 (312)634-0059 ·