According to the law firm press release, Great Lakes Dredge & Dock Corporation ("GLDD" or the Company") 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. GLDD also disclosed that it will be reporting a material weakness in its internal controls over financial reporting.

In reaction to the news, GLDD’s 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.