NEW YORK, May 4, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Great Lakes Dredge & Dock Corporation ("Great Lakes" or the "Company") (NASDAQ: GLDD).
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The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Great Lakes was accounting for pending order changes as revenue although client acceptance had yet to be finalized; (2) the Company was improperly recognizing revenue for its demolition segment; (3) Great Lakes' revenue was overstated; (4) the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); and (5) the Company lacked adequate internal and financial controls.
On March 14, 2013, Great Lakes announced that it would restate its second and third quarter 2012 results and that the Company's President/Chief Operating Officer would be departing. The Company disclosed that it had identified instances where revenue was recognized in a manner inconsistent with the Company's accounting policy in that certain pending change orders where client acceptance was not finalized were included as revenue. Great Lakes also disclosed that it will be reporting a material weakness in its internal controls concerning financial reporting. Upon this news, shares of Great Lakes stock fell 18%, to close at $7.36 per share on March 15, 2013.
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Take Action
If you invested in Great Lakes stock or options between August 7, 2012 and March 14, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/GLDD. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Great Lake's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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