PHILADELPHIA, June 6, 2020 /PRNewswire/ -- Kaskela Law LLC announces that it is investigating Granite Construction Incorporated ("Granite" or the "Company") (NYSE: GVA) on behalf of the Company's stockholders.
In February 2020, a securities fraud complaint was filed against Granite in federal court on behalf of investors who purchased shares of the Company's stock between April 30, 2018 and October 24, 2019. According to the complaint, during that time period Granite made a series of false and misleading statements to investors "regarding the accounting treatment of several of Granite's largest construction projects, which violated Generally Accepted Accounting Principles ('GAAP') and rendered Granite's financial results issued during the Class Period materially false and misleading." The complaint further alleges that "Defendants knowingly inflated the Company's revenue, income, and margins, among other metrics, which came crashing down in the second and third quarters of 2019 when Granite booked charges exceeding $240 million, reducing profits dollar-for-dollar."
The investigation seeks to determine whether the members of Granite's board of directors breached their fiduciary duties in connection with the above.
Current Granite stockholders who purchased or acquired shares of the Company's stock prior to July 1, 2018 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or via email at [email protected] or online at http://kaskelalaw.com/case/granite-construction-inc/, for additional information about this investigation and their legal rights and options.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
SOURCE Kaskela Law LLC