SAN DIEGO and Oak Brook, Ill., April 4, 2013 /PRNewswire/ -- Shareholder rights firm Robbins Arroyo LLP is investigating whether officers and directors of Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) breached their fiduciary duties to shareholders by causing the company to produce false and misleading statements concerning its internal controls and improperly recognize revenue.
Robbins Arroyo LLP Investigates Potential Improper Public Statements After Great Lakes Reports It Will Have to Restate Previously Filed Financial Statements for Part of 2012
On March 14, 2013, Great Lakes issued a press release announcing that it will restate its financial statements for the second and third quarters of fiscal year 2012 and that these financial statements should no longer be relied upon. Following the restatement announcement, Chief Operating Officer and President Bruce J. Biemeck resigned. Furthermore, Great Lakes stated that it expected to conclude a material weakness exists over its financial reporting and that it would not be able to timely file its 2012 annual financial results with the U.S. Securities and Exchange Commission.
In light of this news, Robbins Arroyo LLP is investigating whether Great Lakes' financial reporting for the second and third quarter of fiscal year 2012 may have been false and misleading because certain officers and directors at the company disregarded several factors, including: (i) allowing premature recognition of revenue; (ii) permitting Great Lakes to overstate its revenue and earnings for the second and third quarters of 2012 by $3.9 and $4.3 million (respectively) in violation of Generally Accepted Accounting Principles; and (iii) failing to establish adequate internal controls to prevent such wrongdoing.
Robbins Arroyo LLP highlights that Great Lakes shareholders have the option to pursue a shareholder derivative action through which shareholders aim to hold insider wrongdoers accountable for their actions, prevent future misconduct, and bring long-term value back to the company. Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsarroyo.com.
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SOURCE Robbins Arroyo LLP