We are investigating possible securities fraud claims against Great Lakes Dredge & Dock Corporation (GLDD) resulting from inaccurate statements Great Lakes made regarding its financial performance and future prospects for the period August 7, 2012 to March 14, 2013.
Our investigation focuses on the extent to which Great Lakes issued false and misleading financial statements and had deficient internal controls. On March 14, 2013, Great Lakes announced that it would restate its financial statements for the second and third quarter. 2012 second and third quarter revenues were overstated by $3.9 million and $4.3 million, respectively. Great Lakes’ internal controls were deficient and it will need to remediate these deficiencies. Finally, Bruce J. Biemeck, President and Chief Operating Officer and a board member, was terminated effective March 13, 2013. Biemeck served as Chief Financial Officer until August 20, 2012.