Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of a class (the “Class”) comprising all purchasers of the securities of Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ:GLDD) between August 7, 2012 and March 14, 2013, inclusive (the “Class Period”).
Great Lakes engages in marine construction, dredging and commercial and industrial demolition, primarily in the east, west and Gulf Coasts of the United States. On March 14, 2013 Great Lakes announced that it would restate its second and third quarter 2012 financial results by millions of dollars and that the Company’s President/Chief Operating Officer (who was also the Company’s former Chief Financial Officer) was abruptly departing. In addition, the Company disclosed that it had identified instances in its demolition segment where revenue was recognized in a manner inconsistent with the Company's accounting policy. Great Lakes also disclosed that it will be reporting a material weakness in its internal controls over financial reporting.
As a result of this news, Great Lakes’ share price dropped 18%, to close at $7.355 per share on March 15, 2013, on unusually heavy trading volume.
No class has yet been certified in this action. To be a member of the Class you need not take any action at this time, or may retain counsel of your choice. If you purchased Great Lakes shares during the Class Period, you have certain rights, and have until May 20, 2013 to move for lead plaintiff status. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.