After the Defendants’ Motion to Dismiss was fully brief, the Court heard oral argument on September 24, 2014. Plaintiff filed an Amended Complaint on August 9, 2013. was appointed Lead Counsel for the consolidated action. Immediately after GLDD’s announcements, the Company’s stock price plummeted from a close of $8.97 per share on Mato $7.35 per share on March 15, 2013, a decline of 18%. The Company then postponed filing its 2012 annual report with the SEC, and GLDD’s president and chief operating officer, who was also the chief financial officer, resigned on the same day as GLDD’s financial restatement. As a result, GLDD was required to restate results from its second and third quarters of 2012. Then, on March 14, 2013, the Company was forced to disclose that it had improperly recognized revenues. In support of these allegations, Defendants successfully delayed the accurate reporting of losses for the New York demolition projects so that more profitable projects would, on paper, absorb the cost overruns plaguing the projects in New York. Specifically, the Complaint alleged, among other things, that Defendants made false and misleading statements regarding GLDD’s financial condition and operational results by prematurely recognizing revenue, and associated fictitious revenue, for at least two New York-based demolition projects. Defendants publicly touted this New York expansion as indicative of the Company’s focus on demolition as a central and complementary piece of its overall operations and growth strategy. To that end, in 2010, GLDD announced plans to expand its demolition footprint from the Company’s historically New England-centric geographical focus into the uniquely competitive New York market.

GLDD wanted to bolster the public perception and financial metrics of its demolition segment to demonstrate that it was an integral part of the Company’s overall business plan and that it would contribute an increasingly large percentage of the Company’s overall financial results moving forward. GLDD is a holding company that engages in the business of marine construction, dredging, and commercial and industrial demolition. The Complaint alleged that Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects on behalf of all persons or entities that purchased or otherwise acquired GGLD common stock during the Class Period. The Complaint brought forth claims for violations of the Securities Exchange Act of 1934 against Great Lakes Dredge and Dock Company (“GGLD” or the “Company”), and certain of its senior executives.

Great lakes dredge & dock company