SHAREHOLDER ALERT - Granite Construction Incorporated (GVA) - Bronstein, Gewirtz & Grossman, LLC Notifies Shareholders of Class Action and Lead Deadline: October 15, 2019
NEW YORK, Aug. 15, 2019 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Granite Construction Incorporated ("Granite" or the Company") (NYSE: GVA) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Granite securities between October 26, 2018 and August 1, 2019, both dates inclusive. Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/gva.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company had assumed certain risks in connection with its heavy civil joint venture projects bid between 2012 and 2014; (2) there was an "untenable" imbalance of risk sharing between the Company and the joint venture project owners; (3) 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) as a result, Granite Construction's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On July 29, 2019, post-market, Granite announced its preliminary financial results for the second quarter of 2019. Disclosing a net loss per diluted share in the range of $2.05 to $2.10 for the quarter and revising its fiscal year 2019 guidance, Granite stated that its results were impacted by non-cash charges related to four legacy, unconsolidated heavy civil joint venture projects. On this news, Granite's stock price fell $7.98 per share, or 17.94%, to close at $36.49 per share on July 30, 2019.
If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/gva or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss Granite you have until October 15, 2019 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
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