NEW YORK, Sept. 11, 2019 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Granite Construction Incorporated (“Granite” or the “Company”) (NYSE: GVA) of the October 15, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Granite stock or options between October 26, 2018 and August 1, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/GVA. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Granite securities between October 26, 2018 and August 1, 2019 (the “Class Period”). The case Greene v. Granite Construction Incorporated, No. 3:19-cv-04744 was filed on August 13, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and or failing to disclose: (1) that the Company had assumed certain risks in connection with its heavy civil joint venture projects bid between 2012 and 2014; (2) that there was an “untenable” imbalance of risk sharing between the Company and the joint venture project owners; (3) that, as a result, the Company was reasonably likely to incur additional project costs for its joint venture projects; (4) the Company was reasonably likely to incur additional costs in connection with certain project disputes; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects and prospects were materially misleading and/or lacked a reasonable basis.
On July 29, 2019, after the market closed, the Company disclosed that second quarter 2019 financial results were negatively impacted by non-cash charges related to four legacy, unconsolidated heavy civil joint venture projects.
On this news, Granite’s stock fell from $44.47 on July 29, 2019 to $36.49 on July 30, 2019—a $7.98 or 17.94% drop.
On August 2, 2019, before the market opened, 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, Granite’s stock fell from $34.00 on August 1, 2019 to $31.22 on August 2, 2019—a $2.78 or 8.18% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Granite’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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