San Diego, CA -- (SBWIRE) -- 04/15/2013 -- A current investor in NASDAQ:GLDD shares filed a lawsuit against directors of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) over alleged breaches of their fiduciary duties to the Company and its shareholders by making allegedly false and misleading statements and failing to disclose that the Company had recognized revenue in a manner inconsistent with its own account policy.

Inverstors who are current long-term stockholders in shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff claims that the company included as revenue certain pending change orders where client acceptance had not been finalized and certain directors also breached their fiduciary duty by failing to establish adequate internal controls to detect or prevent misstatements in tis financial statements.

The plaintiff says that the defendant’s actions have caused and will continue to cause, substantial financial harm to Great Lakes Dredge & Dock Corporation.

The plaintiff says that the company overstated important operational metric such as revenue during the relevant period and the company’s internal financial controls were completely ineffective.

The plaintiff alleges Defendants breached their fiduciary duties to the Company and its shareholders by implementing ineffective and materially deficient internal controls, which resulted in improper revenue recognition, the filing of materially false and misleading financial statements with the SEC and the dissemination of false information to its shareholders.

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.

On April 5, 2013, NASDAQ:GLDD shares closed at $7.00 per share.

Those who are current long-term stockholders in 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