Ryan & Maniskas, LLP, announces that purchasers of the securities of Great Lakes Dredge & Dock Corporation between August 7, 2012 and March 14, 2013, inclusive, have until May 20, 2013 to file a motion with the Court to be appointed as lead plaintiff.
The shareholder lawsuit was filed in the United States District Court for the Northern District of Illinois.
On March 14, 2013, Great Lakes issued a press release announcing the restatement of its financials in which the Company’s previously-issued financial statements from the Second and Third Quarter of fiscal 2012 should no longer be relied upon. In addition, Great Lakes admitted that it expected to conclude that the Company 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.
On this news, shares in Great Lakes dropped almost 18%, closing at $7.36 per share on March 15, 2013, from a close of $8.97 per share on March 14, 2013.
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Press Release, April 11, 2013