Granite Construction Incorporated
Attention investors who purchased shares of Granite Construction Incorporated between October 26, 2018 and August 1, 2019:
Rigrodsky & Long is investigating claims brought in a securities fraud class action complaint against Granite Construction Incorporated ("Granite") concerning whether Granite and certain of the Company's directors and/or officers made materially false and misleading statements and failed to disclose materially adverse facts during the period October 26, 2018 and August 1, 2019, inclusive (the "Class Period"), concerning Granite's business, operations and prospects. These misrepresentations and omissions artificially inflated the price of Granite's stock throughout the Class Period.
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the common stock of Granite Construction Incorporated (“Granite” or the “Company”) (NYSE: GVA) between October 26, 2018 and August 1, 2019, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Granite during the Class Period, or purchased shares prior to the Class Period and still hold Granite, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at firstname.lastname@example.org, or at http://rigrodskylong.com/contact-us/.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public: (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. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, 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. As a result, Granite expected to report net loss per diluted share in the range of $2.05 to $2.10 per diluted share.
On this news, shares of Granite fell nearly 18%, closing at $36.49 per share on July 30, 2019, on heavy trading volume.
Then 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, shares of Granite declined over 8%, closing at $31.22 per share on August 2, 2019, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than October 14, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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