A lawsuit was filed on behalf of investors in Granite Construction Incorporated (NYSE: GVA) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 08/28/2019 -- An investor, who purchased NYSE: GVA shares filed a lawsuit against Granite Construction Incorporated over alleged Securities Laws Violations.
Investors who purchased shares of Granite Construction Incorporated (NYSE: GVA) have certain options and for certain investors are short and strict deadlines running. Deadline: October 14, 2019. NYSE: GVA investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Watsonville, CA based Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. On July 29, 2019, after the market closed, Granite Construction Incorporated disclosed that 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 Construction Incorporated said it expected to report net loss per diluted share in the range of $2.05 to $2.10 per diluted share.
The plaintiff claims that between October 26, 2018 and August 1, 2019, the Defendants made false and/or misleading statements and/or failed 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.
Those who purchased shares of Granite Construction Incorporated (NYSE: GVA) have certain options and should contact the Shareholders Foundation.
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