Great Lakes Dredge Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of
Apr 8th 2013 11:18AM
Updated Apr 8th 2013 11:24AM
Great Lakes Dredge Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
DALLAS--(BUSINESS WIRE)-- Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed against Great Lakes Dredge & Dock Corporation ("Great Lakes" or "Company") (NasdaqGS: GLDD). The firms are investigating additional legal claims against the officers and Board of Directors of Great Lakes during the period of August 7, 2012 to March 14, 2013 (the "Class Period").
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com. There is no cost or fee to you.
In a recently filed federal class action complaint, Great Lakes and certain of its officers were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants misrepresented and/or failed to disclose that: (a) the Company realized that certain change orders in its demolition segment awaiting client acceptance were included as revenue resulting in an overstatement of revenue by millions of dollars in revenue; and (b) there was weakness in the Company's internal controls to detect or prevent misstatements in its financial statements. According to the complaint, when the Company announced that when these facts came to light and the Company would be required to restate its 2nd and 3rd quarter revenues, the stock plummeted.
"Recent revelations about alleged improper business practices and procedures regarding key aspects of Great Lakes' business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Great Lakes' officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Great Lakes stock for all shareholders," said shareholder rights attorney Willie Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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