According to the Complaing, Orion Group Holdings, Inc. ("Orion" or the "Company") is purportedly a specialty construction company that operates in the United States, Canada, and the Caribbean Basin. Its marine segment services include marine transportation facility construction, marine pipeline construction, and dredging of waterways, channels, and ports. Its concrete segment provides turnkey concrete construction services across the light commercial, structural, and other associated business areas.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company had overstated goodwill in certain periods; (2) that the Company had overstated accounts receivable in certain periods; (3) that the Company lacked effective internal control over financial reporting, including over goodwill impairment testing and allowance for doubtful accounts; (4) that, as a result, the required adjustments would materially impact the Company’s financial results; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On July 15, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on October 4.