An investigation on behalf of current long term investors in Granite Construction Incorporated (NYSE:GVA) shares over possible breaches of fiduciary duty by certain officers and directors was announced.
San Diego, CA -- (SBWIRE) -- 09/15/2020 -- Certain directors of Granite Construction Incorporated are under investigation concerning possible reaches of fiduciary duties.
Investors who are current long term investors in Granite Construction Incorporated (NYSE: GVA) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NYSE: GVA stocks follows a lawsuit filed against Granite Construction Incorporated over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE: GVA stocks, concerns whether certain Granite Construction Incorporated directors are liable in connection with the allegations made in that lawsuit.
On August 13, 2019, a lawsuit was filed against Granite Construction over alleged Securities Laws Violations. The plaintiff claimed 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.
On February 20, 2020, an amended complaint was filed and on March 26, 2020, the Defendants filed a Motion to Dismiss the amended Complaint.
On May 20, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.
Those who purchased shares of Granite Construction Incorporated (NYSE: GVA) have certain options and should contact the Shareholders Foundation.
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