Following up on a prior post, securities attorneys have filed a class action lawsuit in the Northern District of Illinois against Great Lakes Dredge & Dock Corporation (GLDD), Jonathan W. Berger, William S. Steckel, and Bruce Biemeck.
The lawsuit is “brought on behalf of all persons or entities who purchased or otherwise acquired shares of Great Lakes securities between August 7, 2012 and March 14, 2013, inclusive (the “Class Period”), seeking to pursue remedies under §§10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).” (Emphasis added).
The Complaint asserts:
During the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts concerning Great Lakes’ business, operations and prospects. Specifically, Defendants made false and misleading statements and failed to disclose that it had recognized revenue in a manner not consistent with its accounting policy in that certain pending change orders where client acceptance was not finalized were included as revenue. In addition, the Company failed to disclose material weakness in its internal controls to detect or prevent misstatements in its financial statements.
United Union of Roofers, Waterproofers & Allied Workers Local Union No. 8 v. Great Lakes Dredge & Dock Corporation, et al., Case No. 13-CV-2115 (Northern District of Illinois).