San Diego, CA -- (SBWIRE) -- 04/01/2013 -- An investor in shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) filed a lawsuit in the U.S. District Court for the Northern District of Illinois over alleged violations of Federal Securities Laws by Great Lakes Dredge & Dock Corporation in connection with certain allegedly false and misleading statements made between August 7, 2012 and March 14, 2013.

Investors who purchased a substantial amount of shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) between August 7, 2012 and March 14, 2013 and /or those purchased NASDAQQ:GLDD shares prior to August 2012 and currently hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: May 20, 2013. NASDAQ:GLDD investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of investors who purchased or otherwise acquired the common stock of the Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)during the period from August 7, 2012 through March 14, 2013, that Great Lakes Dredge & Dock Corporation and certain of its officers violated the Securities Exchange Act of 1934.

The plaintiff claims that between August 7, 2012 and March 14, 2013 defendants made false and/or misleading statements, as well as failed to disclose material adverse facts concerning Great Lakes Dredge & Dock Corporation’s business, operations and prospects.

More specifically, the plaintiff alleges that defendants made false and misleading statements and failed to disclose that it had recognized revenue in a manner not consistent with its accounting policy in that certain pending change orders where client acceptance was not finalized were included as revenue. In addition, the Company failed to disclose material weakness in its internal controls to detect or prevent misstatements in its financial statements.

Great Lakes Dredge & Dock Corporation reported that its annual Total Revenue declined from $686.92 million in 2010 to $627.33 million in 2011 and that its Net Income fell from $34.61 million in 2010 to $16.53 million in 2011. For the first three quarters in 2012 Great Lakes Dredge & Dock Corporation reported a combined nine months of $488.20 million with a combined nine months Net Income of $3.38 million.

Shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) rose from $1.92 per share in March 2009 to as high as $9.96 per share on March 8, 2013.

Then on March 14, 2013, Great Lakes Dredge & Dock Corporation reported financial results for the quarter and year ended December 31, 2012. Among other things, Great Lakes Dredge & Dock Corporation also announced that it will restate the second and third quarter 2012 results and that its President and COO was terminated effective March 13, 2013.

Shares of Great Lakes Dredge & Dock Corporation dropped from $9.00 per share on March 14, 2013, to as low as $6.58 per share on March 27, 2013.

Those who purchased shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com