March 29, 2013 at 18:30 PM EDT
Gainey McKenna & Egleston Announces a Securities Fraud Class Action Lawsuit Has Been Filed Against Great Lakes Dredge & Dock Corporation -- GLDD

NEW YORK, March 29, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities who purchased the common stock of Great Lakes Dredge & Dock Corporation ("Great Lakes" or the "Company") (Nasdaq:GLDD) between August 7, 2012 and March 14, 2013, seeking remedies under the federal securities laws.

The Complaint alleges Defendants concealed from the investing public that the Company 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 Complaint alleges that the Company failed to disclose material weakness in its internal controls to detect or prevent misstatements in its financial statements. As a result of Defendants' allegedly false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.

On March 14, 2013, the Company issued a press release announcing the restatement of its financials in which its previously-issued financial statements from the Second and Third Quarter of fiscal 2012 should no longer be relied upon. In addition, the Company admitted that it expected to conclude that it had a "material weakness in its internal control over financial reporting," and that it would not be able to timely file its 2012 annual financial results with the United States Securities and Exchange Commission ("SEC").

If you wish to serve as lead plaintiff, you must move the Court no later than May 20, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Attorney Advertising -- Prior results do not guarantee or predict a similar outcome with respect to any future matter. Please visit our website at http://www.gme-law.com for more information about the firm.

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here