Great Lakes Dredge & Dock Company

Case Details

Class Period:
August 7, 2012 – March 14, 2013
Date Filed:
March 19, 2013
Case Number:
1:13-cv-02115
Jurisdiction:
Northern District of Illinois

Case Summary

During the Class Period, Defendants made false and misleading statements and failed to disclose that it had recognized revenue in a manner not consistent with its accounting policy and that certain pending change orders where client acceptance was not finalized were included as revenue.  In addition, the Company failed to disclose material weakness in its internal controls to detect or prevent misstatements in its financial statements.

On June 7, 2013, Saxena White was appointed as Lead Counsel for the consolidated action.  Plaintiff filed an Amended Complaint on August 9, 2013.  Defendants filed their motion to dismiss the Amended Complaint on October 8, 2013.  Plaintiff filed its opposition to Defendants’ motion to dismiss on December 9, 2013.  Defendants filed their reply brief in further support of their motion to dismiss on January 23, 2014.

On September 24, 2014, the Court heard oral argument on Defendants’ motion to dismiss.  At the conclusion of the hearing, the Court verbally ordered that Defendants’ motions to dismiss be denied.  Thereafter, on September 29, 2014, Defendants filed a motion for reconsideration, which the Court granted on October 1, 2014.  On October 21, 2014, the Court issued a full order denying Defendants’ motion to dismiss, in which the Court concluded that the Amended Complaint’s “factual allegations, viewed holistically, support a cogent inference of scienter” and “the inference of scienter favoring Lead Plaintiff—Defendants knew or recklessly publicized false statements—is at least as likely as Defendants' opposing inference.”  The Court also directed the parties to submit an agreed written discovery plan within twenty-one days. 

The Court provided Preliminary Approval on June 12, 2015, and Final Approval on September 18, 2015.