Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed on behalf of investors who purchased Orion Group Holdings,
Inc. (“Orion” or the “Company”) (NYSE: ORN)
securities between March 13, 2018 and March 26, 2019, inclusive
(the “Class Period”). Orion investors have until June 10, 2019 to
file a lead plaintiff motion.
Investors suffering losses on their Orion investments are encouraged to
contact the Law Offices of Howard G. Smith to discuss their legal rights
in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On March 18, 2019, Orion announced that it would not file its annual
report with the SEC on time due to “extended evaluations of goodwill
impairment testing and income tax adjustments, among other things.” The
Company also announced that it “expects that a significant change in
results of operations from the corresponding period for the last fiscal
year will be reflected in its financial statements.”
On this news, Orion’s share price fell $0.52, or 12.3%, to close at
$3.72 per share on March 19, 2019, thereby injuring investors.
Then, on March 26, 2019, the Company reported $94.4 million net loss for
the fourth quarter 2018 due to certain non-cash charges, including a
$69.5 million goodwill impairment charge.
On this news, Orion’s share price fell $0.22, or nearly 7%, to close at
$2.97 per share on March 26, 2019, thereby injuring investors further.
The complaint filed in this class action 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, 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.
If you purchased shares of Orion, have information or would like to
learn more about these claims, or have any questions concerning this
announcement 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 howardsmith@howardsmithlaw.com,
or visit our website at www.howardsmithlaw.com.
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jurisdictions under the applicable law and ethical rules.
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