NEW YORK, Aug. 14, 2019 /PRNewswire/ -- Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all investors that purchased Granite Construction, Inc. (NYSE: GVA) securities between October 28, 2018 and August 1, 2019 (the "Class Period"). Investors have until October 15, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On July 29, 2019, the company disclosed that second quarter 2019 financial results were negatively impacted by non-cash charges related to four civil joint venture projects. As a result, Granite Construction expected to report net loss per diluted share in the range of $2.05 to $2.10 per diluted share.
On this news, the company's stock price fell $7.98 per share, or nearly 18%, to close at $36.49 per share on July 30, 2019.
Then on August 2, 2019, the company announced its second quarter 2019 financial results, reporting revenue of $789.5 million, including $114.2 million in revenue reduction due to the charges disclosed earlier that week.
On this news, the Company's stock price fell $2.78 per share, or over 8%, to close at $31.22 per share on August 2, 2019.
The complaint, filed on August 12, 2019, 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 assumed certain risks in connection with its heavy civil joint venture projects bid between 2012 and 2014; (2) that there was an "untenable" imbalance of risk sharing between the Company and the joint venture project owners; (3) that, as a result, the company was reasonably likely to incur additional project costs for its joint venture projects; (4) the company was reasonably likely to incur additional costs in connection with certain project disputes; and (5) that, as a result of the foregoing, defendants' positive statements about the company's business, operations, and prospects and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased Granite Construction securities during the Class Period, are a long-term stockholder, have information, 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 Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Granite Construction class action, please go to https://bespc.com/GVA. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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