INVESTOR ALERT: Kaskela Law LLC Announces Class Action Lawsuit Against Granite Construction Incorporated and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm – GVA

World News: . []

PHILADELPHIA, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Granite Construction Incorporated (NYSE: GVA) (“Granite” or the “Company”) on behalf of investors who purchased the Company’s securities , inclusive (the “Class Period”).

According to the complaint, on July 29, 2019, the Company disclosed that its second quarter 2019 financial results were negatively impacted by non-cash charges related to four legacy, unconsolidated heavy civil joint venture projects. As a result, Granite expected to report a net loss per diluted share in the range of $2.05 - $2.10 per 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, on unusually heavy trading volume.

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 by an additional $2.78 per share, or over 8%, to close at $31.22 per share on August 2, 2019, again on unusually heavy trading volume.

Among other things, the shareholder class action complaint alleges that Granite issued a series of false and misleading statements during the Class Period, and failed to disclose to investors that: (i) the Company had assumed certain risks in connection with its heavy civil joint venture projects bid between 2012 and 2014; (ii) there was an “untenable” imbalance of risk sharing between the Company and the joint venture project owners; and (iii) as a result of the foregoing, the Company was reasonably likely to incur additional project costs for its joint venture projects.

Granite investors are encouraged to contact Kaskela Law LLC to discuss this action and their legal rights and options. Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit .

D. Seamus Kaskela, Esq.18 Campus Boulevard, Suite 100Newtown Square, PA 19073(484) 258 – 1585(888) 715 – 1740

More news and information about Kaskela Law

Published By:

Globe Newswire: 11:00 GMT Wednesday 14th August 2019

Published: .

Search for other references to "investor" on SPi News


Share

Previous StoryNext Story

SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
 
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.
 
Privacy Policy | Terms and Conditions | Contact Us